They are compliant already. That's why they KYC.
I keep seeing this very strange sentiment:
The state is evil. It will use any means of force necessary to get what it wants, including torture and murder. However, I'm ok KYCing my bitcoin so the state can know exactly how much ₿ I hold and what addresses I hold it in.
I like Nostr, but the cypherpunk ethos seems to be weak here.
The article says all individuals and businesses will have to comply.
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.
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.
This will force KYC and chain anal on everyone touching bitcoin.
https://www.tekedia.com/paypal-to-offer-crypto-services-in-uk-taiwan-to-make-bitcoin-legal-tender/
"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."
If bitcoin were evwr made legal tender in the US, this is likely how they'd do it. Be careful what you wish for and don't buy KYC.
This will force KYC and chain anal on everyone touching bitcoin.
https://www.tekedia.com/paypal-to-offer-crypto-services-in-uk-taiwan-to-make-bitcoin-legal-tender/
"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."
Everyone in Taiwan, to be more clear
This will force KYC and chain anal on everyone touching bitcoin.
https://www.tekedia.com/paypal-to-offer-crypto-services-in-uk-taiwan-to-make-bitcoin-legal-tender/
"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."
#Taiwan To Make #Bitcoin Legal Tender
Scroll down to the second part of the article
https://www.tekedia.com/paypal-to-offer-crypto-services-in-uk-taiwan-to-make-bitcoin-legal-tender/
In a historic move, Taiwan has announced that it will make Bitcoin a legal tender in the country, becoming the second nation in the world to do so after El Salvador. The decision was made by the Legislative Yuan, the unicameral legislature of Taiwan, after a heated debate and a close vote on October 30, 2023.
The bill, titled “The Digital Currency Legalization and Regulation Act”, aims to provide a clear legal framework for the use, exchange, taxation and regulation of Bitcoin and other cryptocurrencies in Taiwan. The bill also recognizes Bitcoin as a foreign currency for the purposes of foreign exchange and trade.
According to the bill, Bitcoin will be treated as a legal means of payment for all public and private transactions in Taiwan, as well as a store of value and a unit of account....
...The bill is expected to take effect on January 1, 2024, after a two-month period of public consultation and preparation. The FSC has announced that it will issue detailed regulations and guidelines for the implementation of the bill before the end of this year.
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."
I think I’m better suited to work in UX and UI. The advancements in AI have made me question how lucrative would it be to learn to code in 2023. But nostr:npub1m6yz8nwf0xl5cafjy0kurxn6hs67eleft8h4pj57n4tn4s8c8lgqd2mzj9 reminded me that cypherpunks write code.
Do what you're good at and enjoy. We'll need all of it to come together.
The technomancer is an old idea, not yet realized
If you're unwilling to spend bitcoin because of the tax implications, you be doing it wrong.
NO BUY KYC.
KYC is far more dangerous to bitcoin than WoS.
Do you think their balances are large enough to care?
Gym, study, relax. Today is not a drill.
Bitcoin is an open rebellion, not executrd in the shadows but in the light.
https://ungovernablemisfits.com/remember-remember-the-5th-of-november/
Don't expect fireworks right away though. Will take a couple years to really get good with it.
Reading The Book for Rust. This is exciting. I've already got too many ideas of how to use this.