Indeed. KYC has a purpose though -- prevention of fraud, money laundering, etc. Getting rid of KYC without a similarly-effective solution for those things seems unlikely. Ideas?
That’s not really true. Most financial crimes are big operations facilitated by banks. Criminals love KYC because that’s a chance to make their operations seem legit.
If you get rid of cocaine, the need for rehab centers also vanishes.
There is no way to “get rid of cryptocurrencies” at this point save for shutting off the internet. It is not within the power of the state to prohibit, any more than prostitution or cocaine.
