Increasingly interaction with fiat currencies is involving more and more "verification". This typically means involves finding a utility bill and ID document and uploading it to a server.
We have no idea whether the ID is actually of someone using an account. We have no idea how the documents are stored,
yet we see passport scans being sold on the deepweb no problem and anyone at the exchange with access to these files can reuse them again to open an account somewhere else...
Does nobody notice how ridiculous this is?
In the UK for example, there are laws on storing certain documents. Credit cards have a whole load of guff legislation regarding them; visa then awards a compliance level. In order to get to the various compliance levels companies have to do various things to get there; it's a real ball ache for all involved. It helps but of course beaurocracy is one step away from the crushing inefficiencies of communism and statism slowing it down for solutions like Bitcoin to fill the gap.
Surely there's a 3rd party out there to store documentation on behalf of companies? Can't something like OpenID step in to help too?
Topic: Verification, KYC, documentation storage needs to be improved (Read 702 times)
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