If KYC and AML is implemented as strictly as with the current banking system it makes the majority of crypto and decentralisation impotent.
Banks themselves are already cutting out middlemen such as visa and mastercard and the clearing houses by providing direct, instant customer to supplier transfers using QR codes. This is how I pay for many things at small businesses and restos in Thailand.
But the philospohy of crypto, in my eyes has always been about personal banking. My own bank in my pocket to pay for goods and services directly without the need for the giant traditional banks . I want instant and as close to fee-less as possible and on a global scale.
There needs to be other ways to suppress bad actors without resorting to draconian legislation. I am not a bad actor but am being treated as one by implementation of these rules.
When the same rules are applied to crypto that are applied to traditional banking, crypto is finished.
Hi @nathen007. Thank you for your input. Unfortunately I doubt the world governments will bend too much on this. In this area specifically they will want a level playing field with regulated companies. Do you have any thoughts about alternatives?
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Thank You!! Couldn't have put it in better words, without writing too much.. And was already frying my mind trying to find a starting point, also wondering if I was alone on this topic or becoming insane =X..
Really appreciate You giving Your opinion in a simple way..
Cheers
Thank you. That was appreciated :-)
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Thank you for sharing your thought and dropping by @cyberspacegod
Cheers, Piotr
100% agree... crypto is a niche for people who want LESS centralization/regulation.
I love your amazing comments @nathen007
That's the way I see it too.
There is always some solid value in them. I always appreciate your time and effort.
Cheers
Piotr