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> This payment system is different from current online payment methods, like credit cards or bank transfers, in that it offers privacy for the buyer: neither me
by pyrale 3y ago
> This payment system is different from current online payment methods, like credit cards or bank transfers, in that it offers privacy for the buyer: neither merchants nor banks can trace or link the payments.
Banks will love a solution that completely prevents them from implementing KYC/AML regulation they are required to follow.
Truly baffling that such a project manages, if their claims are true, to get public funding after years of crypto grift scandals.
- superzamp 3y agoTbh, the hit to omniscient funds traceability is not that different from what some financial institutions started to accept with Stablecoins already, i.e. a model where KYC/AML happens at the edges but not within the transaction graph itself. It's pleasantly surprising to see this model getting acceptance in the regulatory spheres.
- pyrale 3y ago> It's pleasantly surprising to see this model getting acceptance in the regulatory spheres. The only way this gains regulatory acceptance is if the KYC/AML regulation is moved to the audited exchange - I.E. less friction for authorities to get transaction informations, not more.
- Aerroon 3y agoIf you ever want digital cash then that digital cash has to offer the same benefits real cash has: anonymity from the state. Until then you're stuck with credit card companies selling your data.