, 8 tweets, 2 min read Read on Twitter
#Libra thread:

#KYC requirement could as well be what kills Libra, considering that #Facebook and Libra are very likely to implement US and EU style of KYC/AML regulations that assume everyone has a national/state ID, SSN (or equivalent), and utility bills in their own names. >
> This requirement excludes over 80% of the world’s population from banking and global economy, as people in developing countries often do not have means to obtain such documents - or, the documents are so primitive that would not meet a U.S./E.U./G7/OECD standard of KYC. >
> This also holds true with migrants, undocumented immigrants, and refugees in “first-world” countries, as well. >
> The inflexibility of KYC as it stands simply does not comport to human reasoning, as these people are not likely to be moving tens of thousands of dollars to “finance terrorists” or “launder money.” >
> They are trying to make enough money so they can feed themselves and maybe save up a little to free themselves from poverty. Instead, they are presumed to be criminals bc they don’t fit into the model of KYC created by and for the white professional class in the Global North. >
> Add to this, Facebook already has TOO MUCH personally identifiable data. Do we trust Facebook or any of Libra’s partner companies (also Big Data businesses) with collecting and retaining KYC documents? Hell no. >
> KYC compliance has become one big con game for identity thieves already, we don’t need any more of this garbage. >
> The recent trend toward strengthening KYC/AML has made itself the modern version of the 1765 Stamp Act: the distant, global bureaucratic class attempting to monitor, intercept, and tax every miniscule economic activity on earth, including informal and peer-to-peer transactions.
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