> Even with banks, what they really need to know is that you are not laundering money and you pass KYC checks. Verifiable claims would be a way to pass those ch

> Even with banks, what they really need to know is that you are not laundering money and you pass KYC checks. Verifiable claims would be a way to pass those checks and get a bank account without the bank needing to store any of your personal info. > We're a long ways from that sort of thinking of course. And on that note, there are still an estimated 1.1 billion people in the world lack any recognized formal identity. There's a chance for many of them to leap frog us by going straight to digital identities rather than carrying around cards. KYC literally means "know your customer". In what ways do you think that identify is superfluous to this notion? The purpose of KYC is not limited to hindering or prohibiting money laundering.