PANews reported on August 24th that the U.S. Treasury Department is exploring whether to incorporate identity checks directly into decentralized finance (DeFi) smart contracts, a move critics warn could rewrite the very foundations of permissionless finance. Ubuntu Tribe CEO Mamadou Kwidjim Toure said the move is like "installing cameras in every living room" and could ultimately hollow out the core of DeFi by transforming a neutral, permissionless infrastructure into one that requires government-approved identity credentials for access. However, supporters believe that building Know Your Customer (KYC) and Anti-Money Laundering (AML) checks into blockchain infrastructure can simplify compliance and keep criminals out.PANews reported on August 24th that the U.S. Treasury Department is exploring whether to incorporate identity checks directly into decentralized finance (DeFi) smart contracts, a move critics warn could rewrite the very foundations of permissionless finance. Ubuntu Tribe CEO Mamadou Kwidjim Toure said the move is like "installing cameras in every living room" and could ultimately hollow out the core of DeFi by transforming a neutral, permissionless infrastructure into one that requires government-approved identity credentials for access. However, supporters believe that building Know Your Customer (KYC) and Anti-Money Laundering (AML) checks into blockchain infrastructure can simplify compliance and keep criminals out.
The US Treasury Department is exploring ways to integrate identity checks into smart contracts, raising concerns about hollowing out the core of DeFi.
PANews reported on August 24th that the U.S. Treasury Department is exploring whether to incorporate identity checks directly into decentralized finance (DeFi) smart contracts, a move critics warn could rewrite the very foundations of permissionless finance. Ubuntu Tribe CEO Mamadou Kwidjim Toure said the move is like "installing cameras in every living room" and could ultimately hollow out the core of DeFi by transforming a neutral, permissionless infrastructure into one that requires government-approved identity credentials for access. However, supporters believe that building Know Your Customer (KYC) and Anti-Money Laundering (AML) checks into blockchain infrastructure can simplify compliance and keep criminals out.
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