Author: James MacWhyte 2016-06-21 22:50:36
Published on: 2016-06-21T22:50:36+00:00
The push for client supplied identification for AML/KYC compliance is being seen in the blockchain space, with companies like Netki offering such products. However, this move is not desirable as it negatively impacts fungibility and privacy. The adoption of standards with AML/KYC support should be avoided for the same reasons that the W3C should not standardize DRM. While confirming the identity of those sending money can be useful in certain situations, making it a requirement would be a bad idea. Allowing individuals to identify themselves through online-only identities not tied to their real-world identity could be useful for new use cases.
Updated on: 2023-06-11T18:47:21.781067+00:00