Financial anonymity, a right that should be respected.

Originally Posted: Publish0x

In an earlier article - Kucoin: The Exchange That was sold to the system and betrayed the cryptocurrencies. -, expressed my disagreement with Kucoin's decision to implement the KYC (Know Your Customer) for all users, arguing that financial anonymity is a right fundamental and a competitive advantage of cryptocurrencies, which allows inclusion and access to financial services to people or companies that do not have documentation, credit history or sufficient resources to meet the requirements of traditional financial entities. In addition, I considered that the KYC can violate the privacy and safety of users' personal data, as well as limit their freedom of choice and innovation. It is also true that this measure aims to comply with global regulations and improve the security and transparency of exchange.

However, I am aware that this is a very personal opinion and that there are other points of view in this regard. Therefore, in this article I want to present the advantages and disadvantages of financial anonymity from a more objective and balanced perspective, based on reliable and contrasted sources of information. My goal is that the reader can form his own opinion in this regard because it is a complex and nuanced issue, which requires a critical and responsible analysis.

Financial anonymity is an issue that generates debate and controversy in the world of cryptocurrencies. On the one hand, there are those who defend the right to privacy and freedom of users, and on the other, there are those who advocate for the security and transparency of operations. What advantages and disadvantages does financial anonymate have? What implications do you have for the market and society?

Benefits of financial anonymity for both individuals and companies and society in general

✔ Privacy protection: It can prevent personal or business data from being revealed, shared or used without consent, contributing to prevent espionage, extortion, blackmail or discrimination due to economic reasons.

✔ Freedom of choice: It allows economic agents to freely choose the products, services or financial instruments that suit them, without restrictions or limitations imposed by the authorities or financial entities.

✔ Innovation and competence: It can favor the development of new financial solutions that respond to users' needs and preferences, as well as the entry of new actors that offer alternatives to traditional intermediaries, improving efficiency, diversity and market quality financial.

✔ Inclusion and access: It facilitates access to financial services to people or companies that do not have documentation, credit history or sufficient resources to meet the requirements of financial institutions, reducing the financial and social gap, in addition to promoting economic development .

Risks that financial anonymity can have for both individuals and companies and society in general.

❌ Credit risk: It is the probability that one of the parties does not comply with its payment or return obligations provided. Financial anonymity can hinder the evaluation of solvency and the ability to pay the debtors, as well as the monitoring and recovery of debts.

❌ Liquidity risk: It is the difficulty in converting an asset into money without losing value. It can also reduce transparency and market information and assets, which can affect its liquidity and price.

❌ Legal risk: It is the risk that an operation or a contract does not adjust to current regulations or judicially challenged. It may also imply breach of legal, fiscal or regulatory obligations, as well as exposure to sanctions, fines or demands.

❌ Operational risk: It is the risk of losses due to failures or errors in processes, systems, people or external events. Financial anonymity can increase vulnerability to computer attacks, data theft, fraud or sabotage.

❌ Reputational risk: It is the risk that the image or trust of an entity is damaged by its behavior or decisions. It implies that suspicions or criticisms can be generated by customers, investors, regulators or public opinion, which can negatively affect business.

Financial anonymity is a right and an opportunity that should be respected and taken advantage of by cryptocurrency users, provided that it is done ethically and legally. I believe that the advantages exceed disadvantages, and that KYC can be an unnecessary and counterproductive measure for the development and adoption of cryptocurrencies. However, there are other points of view in this regard that advocate that the KYC can have its benefits and its reasons. Therefore, I invite the reader to be informed, form, question about this issue and make his own decisions about it.

 “Everyone has their own forms of expression. I think we all have a lot to say, but finding ways to say it is more than half the battle" - Criss Jami.

"Everything we hear is an opinion, not a fact. Everything we see is a perspective, not the truth" - Marcus Aurelius.

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Author's Note: The opinion expressed here is not investment advice, is provided for informational purposes only, and reflects the opinion of the author only. I do not promote, endorse or recommend any particular investment. Investments may not be right for everyone. Every investment in the market and every trade you make involves risk, so you should always do your own research before making any decision. I do not recommend investing money that you cannot afford to chair, as you could lose the entire amount invested.