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Craig Wright speaks out about a law that is coming for Bitcoin in 2020

The guy that claims to be Satoshi Nakamoto, Craig Wright, says that there is a law that is coming up for Bitcoin in 2020. This was through his personal blog, where he gave his opinion on the future of Bitcoin, which will not be in favor of miners.

Wright burst the bubble when he said that many Bitcoin fanatics are disillusioned. The fact that it does not have a law behind it is very temporary.

In the future, every bitcoin purchased is obliged to meet the KYC (Know Your Customer) and CDD (Customer due diligence) requirements. If it does not, it will be considered stolen.

Lightning Network in trouble

According to him, that will conflict with the Bitcoin’s Lightning Network operators, who do not necessarily meet the requirements as they are anonymous. This is because of the concept behind the Lightning network that is built with balances rather than individual tokens.

The Lightning network will be affected as that will not prevent it from getting legal pursuits. Any purchaser from the Lightning network puts his reputation at stake, as is considered to deal with stolen bitcoin.

In the new law, Nemo dat quid non habel, stolen bitcoins cannot be transferred. The law also suggests that one cannot pass on to the other what he does not have. It is also impossible to transfer legal rights.

That will put the lightning network to a severe threat as, if the coins are not transferred legally, then they are liable to get a court-sanctioned freezing order.

Miners are not exempted from the new law. If they receive any stolen bitcoins, then they will be pursued by the law. They will be punishable by law, which he compared to the UK’s Theft Act (1968) that subjects one to a 14-year maximum prison sentence.

Will the law work?

At the moment, the subjection of Bitcoin to KYC and CDD does not exist, but it will in no time. The suggestion of the law has faced many controversies. According to Preston J. Byrne, it will be hard for the law to come in effect unless all the stolen coins currently in the network are blacklisted. Since BTC is not centralized, it will be hard to keep track of the stolen coins presently in circulation.

According to Byrne, even though a law will be effected in the future, it is highly unlikely it will be under the terms that Wright suggests.

Image from Flickr



Marcia is a real crypto fan, specialized in bitcoin and NFT news.


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