"Know Your Customer". It's a series of US based rules that require financial institutions, such as a bank, to obtain proof of their users (such as by providing a picture copy of their driver's licence) before allowing the customer to use the bank's services. Ostensibly it is to prevent fraud, but it might also be used to be able to track individual people's assets for tax purposes.
Yea! I think small time traders can just use ionomy for quick transactions.
excuse me, what does KYC stand for?..
"Know Your Customer". It's a series of US based rules that require financial institutions, such as a bank, to obtain proof of their users (such as by providing a picture copy of their driver's licence) before allowing the customer to use the bank's services. Ostensibly it is to prevent fraud, but it might also be used to be able to track individual people's assets for tax purposes.
i.e. deanonimizing. thank you! got it.