NAC Foundation, which recently launched AML BitCoin, a revolutionary new digital currency that complies with anti-money laundering (AML) and know your customer (KYC) requirements, just announced that it has been engaged in talks with Panamanian government and private sector representatives to introduce AML BitCoin into the national financial and payment infrastructures.
Last month, Marcus Andrade, the CEO of NAC Foundation, held several constructive meetings with important national market players and governmental officials. The process was later joined by Carlos De La Guardia, NAC Vice President of Latin American Affairs, who continued to discuss the new currency's future with their national partners. The company's ambitious long-term goal is to launch AML BitCoin as the official currency used by industries and governments all over the world – a feat that no other digital currency can yet boast.
De La Guardia, former Panamanian Ambassador to the U.S., has been working with Roberto Roy, President of the Board of Directors and Minister of the Panama Canal, to introduce the new currency as one of the Canal transit fee e-payment options. Currently, transit fees are paid primarily in cash. The introduction of AML BitCoin and the move away from cash payments will bring about a more transparent environment and will serve to prevent any potential illegal activities, creating a safe, fast, efficient, and inexpensive alternative.
"Up until now, governments, banks, and other big businesses have been reluctant to consider digital and cryptocurrencies as an official means of payment as they do not meet the rigorous banking standards and the AML requirements," says Marcus Andrade, NAC Foundation CEO. "Anti-money laundering compliance is at the very root of AML BitCoin. We designed our currency to offer the market a fully legitimate solution. Right now, several U.S. banks are testing the use of our product, and we are thrilled that the government of Panama is also interested in working with us."
NAC Foundation executives have been talking with key Panama Canal officials about the possibility of integrating the digital identity verification solutions built into AML BitCoin into the payment systems which will be used by thousands of crews working on ships sailing under Panama's flag. The Panama Maritime Authority maintains the world's largest ship registry.
AML BitCoin is the world's only digital currency with a patent-pending biometric blockchain digital identity verification system, which ensures strict compliance with all bank security requirements, including AML and KYC. Although the adoption of AML/KYC compatible digital currency will remove anonymity - a foundational principle of blockchain - the new currency developers believe that the overall benefit of a greater integration and recognition of payments in cryptocurrency will outweigh the reservations.
AML BitCoin's creators are confident that the new currency's integration in the Panama Canal payment systems will be a huge step towards greater public acceptance of digital and cryptocurrencies, which in time may come to be used as commonly as people use fiat money today.