[tsimionescu]

KYC and AML are some of the biggest regulatory and legal hurdles for bitcoin. On the financial side, tying your country to a coin whose value you can't control, and is known to fluctuate wildly, is obvious financial insanity.

[errantmind]

You could say the same thing about cash.

Also, gold's value seems to fluctuate quite a bit and it was / is the basis for some currencies

[tsimionescu]

Yes, cash is problematic for KYC and AML. That's why cash transactions and ownership are highly regulated in most of the world.

And gold's day-to-day value doesn't fluctuate nearly as much as bitcoin. Still, it does fluctuate too much, which is why the entire world has abandoned the idea of using it as a representation of the value of money.

[Kbelicius]

Currently there are no currencies that are based on gold. Must be a reason for that.