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Modern KYC should rely on cryptographically secure eID. For example, in Russia you can’t even buy a e-sim online without a cryptographic signature connected to
by LudwigNagasena 3y ago
Modern KYC should rely on cryptographically secure eID. For example, in Russia you can’t even buy a e-sim online without a cryptographic signature connected to your eID that you can only create if you prove your identity offline. No photoshop or GenAI can overcome that.
- lxgr 3y ago> Modern KYC should rely on cryptographically secure eID. Agreed, in principle. > Russia you can’t even buy a e-sim online without a cryptographic signature connected to your eID And this already highlights the biggest caveat of establishing such a system: It lowers the bar for requiring KYC for all kinds of transactions that currently are possible anonymously. In the best case, e-ID can be done in a more privacy-preserving way than analog ID (e.g. only revealing information on a need-to-know basis, e.g. your age or citizenship rather than your full name and photo); worst case, it becomes a privacy nightmare.