Government AML regulations put the burden on financial institutions, not regular businesses. Many banks are choosing not to accept anonymous cash deposits into bank accounts... such as JP Morgan Chase, which now only allows people to deposit cash into their own account.
Any cash deposit or cash withdrawal of more than $10,000 is required to be reported to the Federal government.
Right sir, I think KYC and AML again drag us into classical financial system. The vision of Bitcoin creation is to provide freedom from present financial ecosystem. But instead we need a Blockchain based solution which is alternative present KYC system.
How would a blockchain solution be any different?
If you MUST provide your private information, blockchain or otherwise, it is NOT treated as a voluntary act. How could a decentralized system of identity collection work differently?