In the West, KYC means that a bank is going to ask to see your ID before letting you open an account.
In China, KYC means that, in order to use something as pedestrian as social media, you have to let the CCP AI dragnet build a profile that can be used to surveil you for the rest of your life.
Wechat is basically a bank as you can use it to send money, hence KYC. If all the CCP wanted was to build a profile they'd just ask for ID and then scoop up every call you make.
Yes, indeed. That said put in another way, they're just a bank and Facebook at the same time, which is indeed scary. Not that it would be very different if they were different services for spying purposes, the government can always centralize the data.
Imagine trillions of joules of energy was going into a process that was securing money for the planet, without its legacy gatekeepers being able to control or dictate their arbitrary rules. A revolutionary peer to peer system that allowed value to be transferred digitally!
Then imagine folks that just fail to see this after 10+ years still think about coal power plants!
https://www.youtube.com/watch?v=ALgDxZZLDbA