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Comment by bndw | Hacker News Reader

What about privacy? Most of these Internet giants make money hoarding user data; will Libra open up a new dataset to collect and monetize for these companies? Will Libra transaction data be more thorough than what they're currently able to get from 3rd parties?

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No worries, they're just gonna take a pic of your government ID and fingerprints for KYC requirements which are securely isolated in a vault in Switzerland where they will remain 100% safe, except in that rare instance where you need to buy a cup of coffee, and they therefore need to inspect all your records to make sure you're not funding terrorism. /s

From the various articles I’ve seen it looks like they don’t think they need to follow KYC because it’s not ‘real’ money.

I’m sure the government will have something to say about that.

Yeah, that's really what this is all about- Zuck probably keeps asking stuff "can't we just have a payment button right here in an FB baby shower announcement?" and his legal departments says "you can't do that for lots of regulatory reasons, including KYC" and so Libra was born.

New York State already requires KYC for crypto transactions.

And since a certain amount of banking takes place hereabouts, that law has wider influence than New York.

And how is this is different from the credit card companies? They’ve been selling transaction data forever.

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