I joined this forum just so I could ‘post’ about my questions and concerns, and hopefully I’m not hijacking this thread but since you already posted the question I had, I’ll post it here. (If this is considered hijacking please let me know and I’ll form a new thread)
What does Cardano’s partnership with Coinfirm for KYC/AML Compliance look like for individuals
Please show me case by case examples for what this KYC/AML looks like, as below what I am seeing is this:
[Right now, if you purchase money from a compliant exchange they ALREADY utilized KYC/AML, if I purchase from coinbase they track where the money goes to if you send it outside your wallet; so what would be the purpose of ADA, the coin itself, attaching AML/KYC if not to require individual wallets and those staking within those wallets to comply with KYC/AML?]
Question: Does this force every transaction to become Known?
I.E, if I purchase crypto from an exchange or third-party and send it to my wallet, they will attach my KYC information to the transaction, which is publicly seen by everyone who views the wallet – meaning ex. if someone like Elon Musk purchased coin and sent it to a wallet, all we had to do was look at the transaction to see if Elon Musk’s name is attached to the coins and can track all the coins with his name attached to them. (I understand this can be done with anonymous wallets, but anonymous wallets as far as I know don’t attach your ‘name’ to it either).
Basically there is no more anonymity and all transactions have a name attached, functioning no different than your bank accounts – except now your bank account ledger is public, no more purchasing private sex toys without the whole world knowing that you Apple Doe brought it. You can see where people sent their money to, ex. if there is a [Nonprofit for Sex Addict recovery organization] and you donate your money to it either anonymously or purchase a service., everyone will know you donated money to them; removing the ability to donate anonymously. (or) those organizations would be forced to track you for the government to know you used or supported a [Sex Addicts Recovery Organization].
Clarification, in order to transaction with an ADA Wallet my wallet or transactions be they P2P will have to undergo KYC/AML.
Question: Will this force anyone who stakes ADA to use KYC if they wish to withdraw rewards?
I.E, before I am allowed to stake ADA and/or to remove ADA rewards I would be required to KYC/AML. And I would be forbidden to transact p2p on the network, wallet to wallet, without KYC/AML?
Question: Will this force ADA wallets to turn into UPHOLD-like Wallets requiring KYC?
I.E, will each ADA Wallet be required to KYC/AML, meaning to withdraw or deposit ADA into a wallet, it will have to have KYC attached to it.
Question: Will this force anyone who forms a staking pool to use KYC?
I.E, anyone who starts a staking pool will no longer be able to do this without giving their identity (name, passports, license)? (Which would then be kept on the chain so everyone would know who you are and be able to look you up, doxx you?)
^ The above questions are very similar if not the same and overlapping, forgive the redundancy but I wanted to be super specific.