I love crypto. I even built an SDK to make crypto payment easy [0]
However, KYC is there for a reason. Personally, I don't touch any crypto on/offramp service without proper KYC
You don't go on to explain that reason though, so let me explain it for anyone reading this.
The definition of KYC from my quick google search is:
"Know Your Customer (KYC) standards are designed to protect financial institutions against fraud, corruption, money laundering and terrorist financing."
Key words: "Protect financial institutions"
In other words, they don't protect the people using the system.
In this case, it is two friends a world apart who want to simply share some funds with each other. There is no institution here other than the use of fiat money on the receiving end (my friends bank account).
I would have preferred to just use crypto the whole way, but my friend doesn't know anything about it and I didn't want to bother them since they were so upset about not being able to be with their family during Tet.
So, I found a middleman that was willing to take my crypto and convert it to local currency, with very little effort or cost. In my eyes, there is absolutely nothing ethically wrong with what I did. Transactions like this do not and should not require government intervention. The fact that we've been so brainwashed to believe that they do, is just wrong.
Should or should not is besides the point. If you're interacting with the US financial system in any way, it's a requirement from that government. I can believe anything I want about how cannabis should be legal, my personal beliefs about that don't change the fact that I could be arrested for having some.
latchkey|2 years ago
You don't go on to explain that reason though, so let me explain it for anyone reading this.
The definition of KYC from my quick google search is:
"Know Your Customer (KYC) standards are designed to protect financial institutions against fraud, corruption, money laundering and terrorist financing."
Key words: "Protect financial institutions"
In other words, they don't protect the people using the system.
In this case, it is two friends a world apart who want to simply share some funds with each other. There is no institution here other than the use of fiat money on the receiving end (my friends bank account).
I would have preferred to just use crypto the whole way, but my friend doesn't know anything about it and I didn't want to bother them since they were so upset about not being able to be with their family during Tet.
So, I found a middleman that was willing to take my crypto and convert it to local currency, with very little effort or cost. In my eyes, there is absolutely nothing ethically wrong with what I did. Transactions like this do not and should not require government intervention. The fact that we've been so brainwashed to believe that they do, is just wrong.
fragmede|2 years ago