FinCEN will explore blockchain privacy technologies – Bits Media

United States Financial Crimes Network (FinCEN) wants to study, how privacy technologies work, including those, which underlie some of the blockchain protocols.

According to the press release, 9 September division of the Ministry of Finance USA Fincen will hold a virtual event and invites the company to participate, "Developing solutions to the problems of confidentiality". Fincen claims, that the main attention will be paid to the role of the principles of preserving confidentiality in the development of technical solutions, which contribute to the development of innovation in financial services.

The regulator invites you to join the Innovation Hours Program event from the Fintech industry, Venture companies and financial institutions. Among the decisions to ensure confidentiality, which FINCEN plans to consider - cryptographic evidence with zero disclosure (ZKP) and homomorphic encryption.

Although the ZKP concept dates back to the 1980s, Her technology was adapted to certain projects and blockchain protocols, Including those, which are used by zcash and mina. The agency asks the participants to demonstrate, how these types of solutions work and how companies use them, including the possibilities of applying confidentiality in the private and public sectors.

"We support responsible innovations", - said the director of Fincen Michael Brain (Michael Mosier). “Especially the solutions, which contribute to the stability and safety of our financial system ".

Mosy, who previously worked as the main technical adviser to Chainalysis, probably, will share additional information about the confidentiality of blockchains to the agency event. According to the statement by Fincen, interested parties must apply until 23 July and provide relevant reference information about the business and products of your company.

Recall, that at the end of last year, Fincen proposed to oblige banks and financial institutions to provide reports on transactions from any cryptocurrency wallets. In connection with the departure of the administration of the previous US President Donald Trump, Consideration of the rule was postponed.