KYC in itself isn't entirely a bad idea. It does prevent some fraud and adds another layer of security but still depends if the exchange is trustworthy enough. KYC could help retrieve coins sent to wrong address, on exchanges that implements KYC too could use these details to fix some issues. However, even though tax isn't also a bad thing (since it is necessary to have law enforcement and peace and order), I do also disagree on government's hot eyes on cryptocurrencies, especially now that they had seen its potential, it just looks like they just want to profit from these grounds.
I have to disagree.
KYC might not be entirely bad but it is entirely bad, if you know what I mean. We are here in the internet, in a cryptocurrency world where everyone came from different countries that have different identities, personalities, and so many more, that fact solidifies that KYC is not a good thing when it comes to privacy itself, it is like exchanges or anything that requires it are not that trustworthy for me, because look, they could do things they could even though without any KYC, yet they requires it.
And about the taxation in cryptocurrency, I am against it, because Governments should stay away and respect that cryptocurrency doesn't need one.
You're wrong here buddy, KYC is a good idea. It just has to be maintained well.
Every single bank in the world has to adhere to KYC to ensure that there is no money laundering occuring as that is somIf ething that people will abuse if given the chance.
If you want privacy, you're not going to be able to use an exchange that MUST use KYC.
But back onto the topic here:
A lot of people in this forum and in the crypto community think that they're able to avoid taxes by using Crypto or something along those lines. And we shouldn't embrace this narrative because that's not what we're here for. If people are using Crypto as an investment class (which many do) they should pay capital gains on it.
If people are using it as a way to facilitate business online they should pay the taxes on their services -- just like they SHOULD do in cash.