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Economists at the Bank of International Settlements just proposed that *any coin* that has *ever* passed through a no-KYC wallet should be banned from regulated services.

The economists argue that their approach would enable a culture of self-policing, or “duty of care,” in which even users of non-custodial wallets would not accept no-KYC coins, report illicit activity, and engage in voluntary KYC.

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Gary Woodfine 4mo ago

This is how the game theory plays out, from their perspective and what they are attempting to prep everyone for.

They propose this measure that is light touch and self policing model. Knowing full well it will be laughed at and scorned.

There will know doubt be another 3 or 4 proposals in the works some getting progressively authoritarian and the final will be obscenely over reaching. In fact they had they floated this out before with outright bans and outlawing.

But the goals of all these papers really is to put some form of justification in peoples minds that the BIS has an actual role to play.

They are attempting to normalise their very existence in this arena.

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Discussion

SatsAndSports 4mo ago

We should be cautious though, and carefully prepare the community for how to argue against - and fight against - such KYC proposals

The US is offering tax breaks to miners in the US. Maybe those tax breaks will become conditional on the miner censoring certain transactions

That would have only a tiny impact, as other miners will include those transactions in the next block. But those small attacks could add up over time

I think it's critical the we encourage bitcoin adoption (merchants, mining, SBRs) around the world, starting with African countries and India and so on, in order to make it more difficult for one county (the US) or one bloc (the EU) to cause trouble

, 4mo ago

The age of these justificators is apparent because as they near their end of use, they will try cope even harder.

Great note Gary, spot on 👉🫡

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