Replying to Avatar Colonial

Sure, you can have bitcoin as legal tender as long as you give us your xpubs and let us track every spend.

"The bill also stipulates that all individuals and businesses that deal with Bitcoin must register with the Financial Supervisory Commission (FSC), the main financial regulator in Taiwan, and comply with anti-money laundering and counter-terrorism financing rules."
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Secretary Janet Yellen 2y ago

Do you know how the #LN works? How would you go about tracking my #sats sending across the network?

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Deleted Account 2y ago

not just LN, if it gets more adoption then there's no need for on and offramps, you can just accept it directly for your services, and when there's no banks and exchanges included with their KYC in that it gets so much harder to track anything

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Colonial 2y ago

Harder, but not impossible. And if they say you have to report all your transactions, you'll have to break the law to be untracked. In that case, I wouldn't want KYC'd corn.

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Secretary Janet Yellen 2y ago

As a business, because this is about business regulations, you have to report every fiat transaction. You know that, right?

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Jac 2y ago

It is wise to only report what the taxation authorities can prove.

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Colonial 2y ago

The article says all individuals and businesses will have to comply.

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Colonial 2y ago

Yes, I run a node and lightning privacy is not great, yet. But even if it were, the implication here is that Taiwanese will have to comply with full KYC and tracking. Of course you can choose to not comply. You can even get away with it and I think you should. For this very reason, I say don't buy KYC.