There are going to be bad actors who want to take care of anonymous transactions. While Brad Garlinghouse keeps reinstating on clarity in regulation, there are some people who keep wondering why humans would need a watchdog to regulate everything that is happening around us.
Though we like the idea of decentralization, it is important to know that people do crazy stuff if they are left among themselves. The reality is that when electricity is pulled off there is no BTC. There is somewhere we need to be connected to the government and the regulation. It is not possible to be 100% regulation free.
Though KYC is not important for everything, it is definitely important for many things. Privacy advocates believe that KYC kills innovation. Cryptocurrency is looked at a threat to banks and therefore regulation for crypto is not going to happen anytime soon.
We have been trained to look at and aspire for a technology where money moves like an e-mail. Some of them feel that Ripple (XRP) are talking about financial inclusion, but at the same time are talking about KYC/AML. They feel that both of them are incompatible.
It is important for financial privacy to be a basic right. Particularly, in the future, when someone is looking to move money it should be possible for anyone to be able to transact with anyone.
Brad Garlinghouse clarified that he is not against privacy, but to keep bad actors under check he stated, “KYC/AML matter for crypto to move from the fringes to an integral part of our global financial system.”
He feels KYC and AML are for reasonable oversight. The goal of building an inclusive and efficient financial system for all is not done away with in the process.
In this regard, Sydney Ifergan, the crypto expert tweeted: “Many from Ripple (XRP) feel that without KYC and AML, it is not possible to bridge the gap between traditional markets and cryptocurrency market. However, when this is done privacy is surely lost.”
Some of them who disagree with Brad Garlinghouse stated that they have had wallets in their pockets with KYC so they should be able to own non-custodial wallets without KYC. They are already have a policy in place for bad actors and it does not count every penny I have.
Practical people say that whether you like it or not better get used to it. They are coming and they are setting the rules, not us. Adopt or get left behind, simple as that.
A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5
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