Question

Can you view address balances of another node if you just use the "importaddress" to import a address as watch-only (instead of importing the private key)?

Answer 1

Yes, this is exactly the point of using importaddress.

Comments

But unfortunately I cannot seem to be able to view the asset balances from another node's imported address. How do I resolve this?

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When you call importaddress you need to leave the rescan parameter on the default value of true, otherwise old transactions that affect this balance won't be considered.