Re:An embeddable and customizable fiat-to-crypto onramp
by beckingz on Thursday December 01, 2022 @03:15PM
(#33822080)
Know Your Customer means that it won't work at scale because the government will shut it down.
Re:An embeddable and customizable fiat-to-crypto onramp
by ignoramous on Thursday December 01, 2022 @03:22PM
(#33822166)
I don't see any reason why global payments with stable coins and KYC are at odds. This is a long game. I can see why the governments may resist this, but I suspect not all countries would disallow stable coin payouts and payments.
Re:An embeddable and customizable fiat-to-crypto onramp
by notch656a on Thursday December 01, 2022 @05:17PM
(#33823741)
It's going to be hilarious, after all the time spent world-wide to snuff out self-custodial bearer bonds and shares, if governments actually explicitly legitimize self-custody decentralized stable coins.
Access to BUSD, USDC, (shudder) USDT, DAI, CUSD for folks across the globe is a good enough reason [0] (right now, the Stripe on-ramp is US-only, but that needn't be the case)? Stripe did bootstrap an alt global payments network in Stellar.org, but that hasn't worked as expected, it'd seem? Stripe is wise to participate in the stable-coin business, which is a way better bet.
MobileCoin, which is embed in every Signal installation, also has Stellar-like features but it isn't mainstream, just yet. Meta's Diem / Libre had similar grandoise visions for an alt payments network given its very global, commerce-hungry Instagram and WhatsApp userbases, but for some reason, they never got the legal side of things over the line.
[0] Ex: https://news.ycombinator.com/item?id=28770875