1821 sats \ 8 replies \ @MattInTech 22 Oct 2023 \ on: A perfect visualization of how absurd KYC/AML is bitcoin
As someone working in the financial industry, I can confirm that KYC requirements imposed by the EU are kind of nuts for every financial institution. Not only because (to some extent) they harm privacy beyond any reasonable suspicion that someone can commit money laundering, but the fact just mentioned creates a very dangerous way of thinking. Basically, European policymakers are telling financial institutions: “operate as if all your clients are fraudsters, even if there’s no reasonable proof of this fact”. I find this deeply disturbing, and borderline disgusting to be honest.
Why don’t the constituents in the EU ever change this law? Do they have a lobby problem like the US?
reply
I think the issue is how European directives are implemented at the national level. There’s no real/effective way to directly protest a European directive as a citizen, the best that you can do is to protest against the implementation of such directive by your national government. The problem is that:
- except for rare occasions, in Europe is far less common than in the US or Canada to protest against governments. Citizens are way less invested in the political life of their country, I guess.
- National governments can always say: “it’s a European directive, there’s nothing we can do about it”
- National governments can always say: “all the other member states are implementing it, so there’s no reason for us not to do it”
reply
But then brexit happened right? Everyone knows if Germany pulls out the EU it’s finished. But I think it is a lot of apathy the same reason the west sort of ignores bitcoin
reply
Yes but then UK banks close ~1000 accounts daily. Looks like EU wasn't the source of the problem, although EU does make the problem worse.
reply
Yeah, the classic mistake of thinking the problem is the EU and not the institutions themselves.
In the US some are afraid of nationalists but not globalists. They are both statists that want centralized power over the masses. They are both flawed.
reply
See the FATF. It's basically a worldwide governing body and if they're not happy with your country, you get blacklisted from the financial system.
reply
Guilty until proven innocent! When has that ever gone wrong...
reply
Precisely. And this is a very strong argument for having something truly free and decentralized as Bitcoin. I’m personally not a “fuck fiat” radical, but it feels great to have an alternative to the common financial system and its nonsense.
reply