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[AudraMiller]

There is a lot of controversy around crypto and hw the anonymity may be the cause of these currencies being used to fund criminal activities. The new KYC system that is being considered in the US will require that all users of exchanges that transact with over 10k dollars per day will need to provide personal information and kyc information in order to confirm who they are on the exchange. In this way the US hopes to bring the crypto world closer to the current banking system that the world has. Is this a good idea? Whilst it may increase the adoption of crypto is countries it may also deter people from the use of crypto as well.

 

[Brain]

Yes it is a good idea. I believe all if these are put in place to boost security in the system. This is why banks can readily track financial crime. Same needs to be applied here.

 

[Josemendez]

There is a lot of controversy around crypto and hw the anonymity may be the cause of these currencies being used to fund criminal activities. The new KYC system that is being considered in the US will require that all users of exchanges that transact with over 10k dollars per day will need to provide personal information and kyc information in order to confirm who they are on the exchange. In this way the US hopes to bring the crypto world closer to the current banking system that the world has. Is this a good idea? Whilst it may increase the adoption of crypto is countries it may also deter people from the use of crypto as well.

I think the new kyc verification was aimed at checking money laundering , scamming activities and those who are using cryptocurrency to hide their funds.

 

[AudraMiller]

I think the new kyc verification was aimed at checking money laundering , scamming activities and those who are using cryptocurrency to hide their funds.

Yes there are many that are using crypto in order to fund illegal transactions such as the ones that you have described here, as it is unable to be traced back to them. In that sense it makes sense that a kyc verification be considered for such accounts.

 

[Wisdom01]

True i think , because its not everyone that might be able to provide the necessary document , because there are some people that wouldn't have the necessary document , since most kids who are trading crypto cant trade again since they can't provide the necessary document due to their age ,so a lot of things would be affected

 

[Josemendez]

True i think , because its not everyone that might be able to provide the necessary document , because there are some people that wouldn't have the necessary document , since most kids who are trading crypto cant trade again since they can't provide the necessary document due to their age ,so a lot of things would be affected

The law is not for every cryptocurrency user , it is mainly for those who wish to make cryptocurrency transaction a o r $10,000 . Less there is no need for it

 

[Wisdom01]

The law is not for every cryptocurrency user , it is mainly for those who wish to make cryptocurrency transaction a o r $10,000 . Less there is no need for it

There are some rich kid that still have such amount ,because now a days money is not by age , a 16 year old child could have a lot of cash in hand i think

 

[achawaskey]

Its a nice development that should be welcome, it provide transparency in the Bitcoin transactions and help to prevent it from been use to finance illegal activities.​

 

[Ehsan]

If criminals are using crypto just because they can get away with the crimes using this currency then every government should take steps to bring it to accountability, making it more 'supervised' because no matter what the excuse of a crypto lover is --- we can't just allow criminals left unquestioned.