Lonelypumpkins on Nostr: Since the majority of bitcoin exists in self-custody wallets, the BIS is proposing ...

Since the majority of bitcoin exists in self-custody wallets, the BIS is proposing that the majority of bitcoin should be considered "bad" bitcoin.

Why stop at bitcoin? They should be able to say which cars, houses, pieces of art, or gold coins are "bad" too!

To them, value isn't subjective and determined my market participants...it's whatever the hell they say it is.

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Economists at the Bank of International Settlements just proposed that *any coin* that has *ever* passed through a no-KYC wallet should be banned from regulated services.

The economists argue that their approach would enable a culture of self-policing, or “duty of care,” in which even users of non-custodial wallets would not accept no-KYC coins, report illicit activity, and engage in voluntary KYC.



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