India's KYC procedure has become much more thorough

[Ralphjoe]

The introduction of tax and if implemented it is likely that they are already in support of Crypto currencies, the tax will surely bring them much revenue because there are more Crypto currency users though I wouldn't know if the tax is going to be in Crypto or fiat currencies.

The fact that the cryptocurrency acquisition process in India has become very more complex and thoroughly speaks the fact that the cryptocurrency would soon be regulated by the government.

 

[ahmedo24]

The fact that the cryptocurrency acquisition process in India has become very more complex and thoroughly speaks the fact that the cryptocurrency would soon be regulated by the government.

Definitely because I think that's the option the country has at the moment and it is better most country begin to explore before cryptocurrency activities get above the government control in countries where it is less active now.

 

[BTCBEE]

KYC's procedures and verifications have become quite common in exchanges and the reason that they have become necessary is so that criminal activity can be identified and as a result the correct legal action can be taken against these people. This criminal activity includes stuff like tax evasion and money laundering. To prevent this India has introduced a much more intense KYC procedure where you also have to provide proof of residence in addition to the proof of identification, and what is more is that you have to deposit funds into the exchange from your bank account.

You cannot use a third party application to deposit funds. By doing so this leaves a money trail that can be followed in order to prevent fraudulent activities. Do you think that this is a good idea?

yes, i guess it's going better now because its important to stop criminals to scam people and it's all about people's security because they feel good to invest more and more.

 

[GIFTMICHAEL]

You never can tell, if you have been following trend, Facebook was recently accused of selling members data and it was more reason why libra project failed.

Hmm, i wonder who they sold the datas to?? What is the reason behind the selling of person's personal datas?? to me, its fraudulent selling peoples data save in your site/app.

 

[ahmedo24]

Hmm, i wonder who they sold the datas to?? What is the reason behind the selling of person's personal datas?? to me, its fraudulent selling peoples data save in your site/app.

Honestly,it is fraudulent, sometimes sales of data are sources behind some spam mails and unsolicited mails that we do recieved from people we don't have dealings with .

 

[GIFTMICHAEL]

Honestly,it is fraudulent, sometimes sales of data are sources behind some spam mails and unsolicited mails that we do recieved from people we don't have dealings with .

You're right, their are unsolicited spam mails i do receive which I'm fully aware i never subscribed to. That's whst they are capable of doing to drive more money.

 

[ahmedo24]

You're right, their are unsolicited spam mails i do receive which I'm fully aware i never subscribed to. That's whst they are capable of doing to drive more money.

Definitely, so we just need to be careful of the information we give online, it is more reason why some people don't like doing KYC on sites that are reputable.

 

[Trexxxy]

All this points to a government that will do anything to be in control. If the KYC procedures are true to be able to track down criminals then it's a good idea provided they don't abuse the use of people's personal information.

 

[Ralphjoe]

Definitely because I think that's the option the country has at the moment and it is better most country begin to explore before cryptocurrency activities get above the government control in countries where it is less active now.

One thing that I want to let you know is that cryptocurrency doesn't have to be in government control for it to work in the interests of the country because we all know that anything that is in government control is subjected to manipulation by the government for their own selfish gains.

 

[ahmedo24]

One thing that I want to let you know is that cryptocurrency doesn't have to be in government control for it to work in the interests of the country because we all know that anything that is in government control is subjected to manipulation by the government for their own selfish gains.

One way or the other cryptocurrencies who will be under the government control to a reasonable extent and that is why we have security exchange commission and you just don't know too that if US should come with a very harsh policy it will crash down the price of Bitcoin in big time.

 

[GIFTMICHAEL]

Definitely, so we just need to be careful of the information we give online, it is more reason why some people don't like doing KYC on sites that are reputable.

You're right, I've now learned why people doesn't give out their personal credentials to those sites demanding for the documents to be sent to them. They use it for making money purposes, sending us unsolicited and spam mails.

 

[Kane]

I don't think you should be afriad of KYC verification on the platform that deals with money. Only those who want to d illegal activities should be afraid of KYC

 

[Ralphjoe]

One way or the other cryptocurrencies who will be under the government control to a reasonable extent and that is why we have security exchange commission and you just don't know too that if US should come with a very harsh policy it will crash down the price of Bitcoin in big time.

This is also capable of happening so the best thing for cryptocurrency right now is the government coming in to regulate them because at the rate that it is going right now the price will likely decrease further and will make a lot of people's to not be interested in it.

 

[Chibson]

The reason may be because there are a lot of Indians trying to game the system. I think it is very important for platforms to know their customers.

 

[Dowenship]

KYC's procedures and verifications have become quite common in exchanges and the reason that they have become necessary is so that criminal activity can be identified and as a result the correct legal action can be taken against these people. This criminal activity includes stuff like tax evasion and money laundering. To prevent this India has introduced a much more intense KYC procedure where you also have to provide proof of residence in addition to the proof of identification, and what is more is that you have to deposit funds into the exchange from your bank account.

You cannot use a third party application to deposit funds. By doing so this leaves a money trail that can be followed in order to prevent fraudulent activities. Do you think that this is a good idea?

Well.... Its for the good of the country and newbies. It reduce criminality in the country and heels people to invest into crypto without being scammed. I think its a good idea.

 

[BrolySSJ]

Well.... Its for the good of the country and newbies. It reduce criminality in the country and heels people to invest into crypto without being scammed. I think its a good idea.

From that point of view I do agree with you that it is a very good idea however at the same time many people will become sceptical about getting into cryptocurrency knowing that each movement that they make with regards to any investment is being tracked by the government. This also goes against the decentralized nature of the cryptocurrency network as a whole.

 

[Justin]

When it comes to cryptocurrencies, my home country is worse than India. It even does not recognize crypto currency,,central bank as made possession of crypto currency illegal

 

[BrolySSJ]

When it comes to cryptocurrencies, my home country is worse than India. It even does not recognize crypto currency,,central bank as made possession of crypto currency illegal

How many countries have actually taken the stance when it comes to cryptocurrency and I believe that in the future as more countries start to accept and adopt cryptocurrency it we are likely to see a shift in their perspective as well.

 

[Jlife]

This is actually a welcome development for cryptocurrencies as a whole, being that it's giving more credibility to the concept of cryptocurrencies, it's capable of making cryptocurrencies more acceptable speedily as it also reduces fraud.

Even me I consider it as a welcome development if it will eradicate some criminal activities because a lot of people are using this innovative technology of cryptocurrency to scam some people.

 

[Nurudeen]

I think this is very important and it's necessary for company to adopt it because it's really a good way to avoid scam in some of these companies as there are a lot of scam going on all over the world right now