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No good, you need a capable party for KYC/KYB to ensure compliance with international sanctions, terrorist watchlists, crime investigation, etc. This is an expe
by tmpz22 4y ago
No good, you need a capable party for KYC/KYB to ensure compliance with international sanctions, terrorist watchlists, crime investigation, etc. This is an expensive apparatus to maintain.
- alexb_ 4y agoAll of these assume you need the government to keep track of who spends what money - something that MANY people would heavily disagree with.
- pc86 4y agoMany people perhaps, but nobody serious or worth listening to. We can disagree on the extent of regulation and KYC requirements, but preventing people from laundering money is an objectively Good Thing.
- refurb 4y agoI mean if you want any sort of enforcement of tax laws, you kind of do need that sort of traceability, no?
- datavirtue 4y agoGet it at the point of sale.
- tmpz22 4y agoWe have a progressive tax system that taxes individuals according to their reported incomes. How does the PoS agent know the tax liabilities of the person purchasing the item? Should we have a flat tax rate for everyone?