Susie on Nostr: We should be careful about expanding surveillance in the name of safety. Decades of ...

We should be careful about expanding surveillance in the name of safety. Decades of extra data collection have not eliminated financial crime.

With Bitcoin, 'more data' can mean permanently linking people to visible stores of value on a public ledger.

That is a different risk from banking, and it is hard to unwind once it is done.

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The UK now chairs FATF (Financial Action Task Force, the body setting global anti-money laundering standards), with fraud as its two-year priority. 

The plan means more data sharing across exchanges, banks and telecoms. 

On Bitcoin's public ledger that's not the same trade-off as with hidden bank records: link an identity to an address once and it can be traced for good. 

Self-custody helps, but it isn't a full shield once KYC has already tagged a wallet.

Read the full article:

https://bitcoinpolicy.uk/blog-1/f/fatf’s-fraud-roadmap-expands-data-risks-and-global-surveillance

Susie (npub1hwg…03sg)