The only missing part is the ability to easily spend this tokenized EURO, but that - I'm hoping - will come later.
I think recent history of crypto has shown this is not possible without KYC/AML/CTF and all the regulatory bells and whistles. Seriously capital flows tied to real economic activity cannot exist without identity, governments won’t allow it.
The emerging surveillance system in the traditional finance system, with the creation of FinCEN in the US in 1990, and FinTRAC in Canada in 2000, is massively centralizing power and can exacerbate financial exclusion:
The existence of crime and terrorism does not justify warrantless mass-surveillance. People in a free society have a right to privacy, including in their financial transactions, even if that privacy may facilitate some criminal activity they may choose to engage in.
Absent a criminal conviction, or at least a court's ruling that there is probable cause, they should be presumed innocent and secure in their right to privacy, not presumed suspect, and obligated to disclose private data as a condition for being permitted to engage in interactions with other private citizens.
Beyond this consideration for basic human rights and the foundations of a free society, by some accounts, KYC is the most ineffective policy experiment in history:
Nothing stopping you from using a P2P exchange to turn that Euro into hard cash if you don't want to go through the KYC/AML. In fact that's exactly how I bought my BTC after the government here banned it.
I mean on a larger scale. The great promise of crypto, A billion plus “unbanked” people turning to a crypto enabled shadow banking system, will not happen without drawing the attention of the eye of sauron
>> Shouldn't the fact that central bankers want to ban crypto make you think that maybe there's something here more than ponzis and scams?
Note that I do not support Gov banning crypto.
I see two things:
1. That there's a legitimate threat to their power and existence which they would do anything to mitigate.
2. Also, it could be that majority of their population are being exposed to unhealthy risk.
Take the case of Nigeria for example. MMM a ponzi scheme rocked the country in early 2017. People lost a total estimate of about 18 billion Naira (or $60m as of March 2017)
