Step by Step the Blockchain driven payment infrastructure solutions become fully comparable with bank infrastructure from a compliance (e.g. KYC) point of view!
In a change to its terms and conditions, Ripple has announced that in future users will need to provide personal ID in order to create an account with the service. “Ripple Labs will enhance identity requirements for Ripple Trade wallets by establishing additional account creation and verification procedures… This will include the collection of additional identifiable information.” Ripple states that the changes are designed to be “in support of a compliant Ripple network,” which in turn “builds confidence and encourages new participants to use Ripple and contribute volume to the network.” Reactions to the news have nonetheless been mixed: “Any financial technology that is controlled by one company will end up looking like a bank, by law, sadly. Thank goodness Bitcoin exists.”
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