In that case, every transaction would not only be visible to everyone on a public ledger, but come with complete identification of all participants. It'd be lik

In that case, every transaction would not only be visible to everyone on a public ledger, but come with complete identification of all participants. It'd be like having your credit card and bank statements posted on a website. Any embarrassing purchases would be public, and anyone with a large balance would be a target. And why would you do this? The KYC you're making public is already available to the government, and the on-chain transactions are already public.