Chinese Firms Are Setting New Standards but Will Cryptocurrency Exchanges Follow?
As initially reported by the Financial Times, Chinese tech companies are setting new standards in facial recognition technology and video monitoring. This includes companies such as ZTE, Dahua & China Telecom.
Not only have these companies have been setting new standards, but they have also been proposing new international standards. These companies are attempting to shape facial recognition & surveillance standards at the UN. They have proposed specifications in facial ID, video monitoring, as well as city & vehicle surveillance aimed at setting new global international standards.
These standards could be adopted by the UN's International Telecommunication Union (ITU). If they are, they will likely become the standard practice in many African & middle eastern countries. This is due to the cost and manpower related to creating new surveillance laws in those countries.
It is worth noting that ITU standards take a rough average of two years to be drafted & adopted. Despite that, ITU standards are extremely influential on how technology is advanced & adopted.
New KYC/AML Standards for Exchanges in the Works?
While this is a big *if*, but if these standards end up being adopted by the ITU, it could hypothetically affect KYC/AML standards. Exchanges might need to update their terms & conditions and users might need to go through even more invasive practices.
Luckily even if these proposals are adopted, it would likely take years for them to affect the world of cryptocurrencies.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado