pull down to refresh

103 sats \ 3 replies \ @Enemy_of_the_state 19 Jun \ on: Federal Reserve proposal to require stablecoins to maintain user ID program Politics_And_Law

no one in the US was ever going to use stablecoins anyway...what is the use case? There literally is none unless you live in thr 3rd world with a basketcase currency

write
compose
12 sats \ 2 replies \ @teemupleb 19 Jun

The original promise for stablecoins was faster settlement on a blockchain, permissionlessness, no KYC.

As a side effect, the US government can export the dollar to the world while the petrodollar is retracting.

Once people get accustomed and comfortable using stablecoins, they will introduce the surveillance measures.

reply
108 sats \ 1 reply \ @unboiled 19 Jun
The original promise for stablecoins was faster settlement on a blockchain, permissionlessness, no KYC.

Not sure where you heard that promise, but I'd check those again.

Centralized systems by design are the opposite of permissionless. And with permissioning, kyc in some shape or form is required. Then it is only a matter of time and/or growth for governments to start requiring even more.

reply
12 sats \ 0 replies \ @teemupleb 19 Jun

I know and I agree with you.

They were promoted as permissionless cause you could have just spun up an Ethereum wallet and start transacting with USDC without any KYC.

reply