Brazil's government-run payments system has become dominant

Re:Brazil's government-run payments system has become dominant by kardos on Tuesday April 08, 2025 @12:58PM (#43623924)

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?

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Re:Brazil's government-run payments system has become dominant by amrocha on Tuesday April 08, 2025 @09:09PM (#43627979)

Here’s an idea, get rid of cryptocurrencies and the need for KYC basically vanishes.

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Re:Brazil's government-run payments system has become dominant by sneak on Wednesday April 09, 2025 @01:25AM (#43629132)

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.

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Re:Brazil's government-run payments system has become dominant by amrocha on Wednesday April 09, 2025 @05:17AM (#43630298)

Sure, there would be a black market for it, but that black market would be a lot smaller than the open market we have right now.

There’s plenty of legal ways of exchanging cryptocurrencies for real currencies, shutting those down would be a good start.

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Re:Brazil's government-run payments system has become dominant by irusensei on Wednesday April 09, 2025 @09:23AM (#43631784)

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.

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