A new biometrics-based cryptocurrency has been created and currently, it is available to buy. It called AMLBits, and was created by NAC Foundation. NAC Foundation claims that its the first cryptocurrency that would be able to comply with requirement laid out in the Patriot Act, specifically with “Know Your Customer” and Anti-Money Laundering requirements.
This can be achieved by the use of biometric identification of the users, who has to prove their identities to get AMLBits digital wallet. The certification process is quite extensive where a user must submit their residence, two government-issued ID documents. Additionally, a user must provide a fingerprint, face scan or iris scan to get approved. Then, a user will be required to provide a biometric authentication during every attempt to accesses the AML BitCoin wallet.
During the private sale, 2.5 Million AMLBits have been purchased, and during the Initial Coin Offering (ICO), that will be offered through the ICOBox, 76 Million more will be available for a purchase.