3 ms·

>If Libra wants to be a big player in the UK's payments system it will have to be regulated by the Financial Conduct Authority and show that it knows who its cu

by tjpnz 7y ago

>If Libra wants to be a big player in the UK's payments system it will have to be regulated by the Financial Conduct Authority and show that it knows who its customers are and that it has strong anti-money-laundering controls. Existing money-transfer firms say complying with all the rules can be an onerous and expensive business. Similar deal in Japan. They'll need to ensure nobody using it is in a gang, is a terrorist or might be politically exposed. In a lot of cases they'll be required to collect identity documents. They'll also need to cease offering service to any flagged individual across their entire platform.

H8crilA 7y ago
That's no big deal really. USDC does that: https://support.usdc.circle.com/hc/en-us/articles/360016060352-Can-a-customer-send-USDC-tokens-to-any-address-Can-addresses-be-blacklisted- https://support.usdc.circle.com/hc/en-us/articles/3600160603... And it should be easy to implement in a private consensus blockchain.
dexen 7y ago
>In a lot of cases they'll be required to collect identity documents. This may very well be the major reason for Facebook to introduce & maintain the cryptocurrency. The "real name" policies were tried across the social media, with the expectations of both higher civility, and also faster, more complete build-up of personal data gathering/social graph build-out for advertising etc. The policies failed for obvious reasons. However if Facebook was legally mandated to obtain & keep personal identification data due to handling of the cryptocurrency, and also at the same time able to track transaction of the users, it would have an unprecedented look into even more connections between people. Tracking money shows business connections, family connections (think allowance for kids, gifts, etc.), and also social connections (think hanging out with friends, splitting bills with Venmo, etc.).
- YawningAngel 7y ago
  That's never going to fly in the EU, the regular will simply insist that they keep all such data entirely separate, even if that's very impractical for them to do.
  - dexen 7y ago
    ...after 5 years of hand-wringing and investigations. By which time Facebook would have had made out like mad bandits. Plus they really can white-wash the data; as per the announcements, not only Facebook but also other major entities would hold the ledger. You can easily imagine Facebook buying (or getting for a nominal $1) processed data from the other entities. No user data would change hands, "merely" well trained AI models.
- deleted 7y ago
  [deleted]
buboard 7y ago
I remember a lot of crypto exchanges require photo of passport / id card. This is not new

by tjpnz 7y ago

H8crilA 7y ago

That's no big deal really. USDC does that: https://support.usdc.circle.com/hc/en-us/articles/360016060352-Can-a-customer-send-USDC-tokens-to-any-address-Can-addresses-be-blacklisted- https://support.usdc.circle.com/hc/en-us/articles/3600160603... And it should be easy to implement in a private consensus blockchain.

dexen 7y ago

>In a lot of cases they'll be required to collect identity documents. This may very well be the major reason for Facebook to introduce & maintain the cryptocurrency. The "real name" policies were tried across the social media, with the expectations of both higher civility, and also faster, more complete build-up of personal data gathering/social graph build-out for advertising etc. The policies failed for obvious reasons. However if Facebook was legally mandated to obtain & keep personal identification data due to handling of the cryptocurrency, and also at the same time able to track transaction of the users, it would have an unprecedented look into even more connections between people. Tracking money shows business connections, family connections (think allowance for kids, gifts, etc.), and also social connections (think hanging out with friends, splitting bills with Venmo, etc.).

YawningAngel 7y ago
That's never going to fly in the EU, the regular will simply insist that they keep all such data entirely separate, even if that's very impractical for them to do.
- dexen 7y ago
  ...after 5 years of hand-wringing and investigations. By which time Facebook would have had made out like mad bandits. Plus they really can white-wash the data; as per the announcements, not only Facebook but also other major entities would hold the ledger. You can easily imagine Facebook buying (or getting for a nominal $1) processed data from the other entities. No user data would change hands, "merely" well trained AI models.
deleted 7y ago
[deleted]

buboard 7y ago

I remember a lot of crypto exchanges require photo of passport / id card. This is not new