India's KYC procedure has become much more thorough

[Ralphjoe]

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.

The introduction of know your customer otherwise known as kyc is the best feature that can make cryptocurrency to be more legal and more accepted worldwide by most countries government as a payment process.

 

[Jlife]

The introduction of know your customer otherwise known as kyc is the best feature that can make cryptocurrency to be more legal and more accepted worldwide by most countries government as a payment process.

It is the best feature, but this does not make cryptocurrency to be more legal and more accepted worldwide by most country, the function of the kyc is to identify the owner of the account in case they use it for illegal purposes.

 

[Ralphjoe]

It is the best feature, but this does not make cryptocurrency to be more legal and more accepted worldwide by most country, the function of the kyc is to identify the owner of the account in case they use it for illegal purposes.

But you will agree with me that with this feature being activated on all cryptocurrency exchange platforms then I believe that this will be a step towards making cryptocurrency to become generally accepted as more government institutions can be able to trust the system.

 

[Jlife]

But you will agree with me that with this feature being activated on all cryptocurrency exchange platforms then I believe that this will be a step towards making cryptocurrency to become generally accepted as more government institutions can be able to trust the system.

This may not make cryptocurrency to be generally accepted in the standard you are saying, the only reason why cryptocurrency is not accepted that way is because it is extremely volatile and the government can be at Lost if the price drop drastically.

 

[Ralphjoe]

This may not make cryptocurrency to be generally accepted in the standard you are saying, the only reason why cryptocurrency is not accepted that way is because it is extremely volatile and the government can be at Lost if the price drop drastically.

This is the reason why stablecoins like USDT and USDC where invented to solve the problems of the volatility of the coins for payment purposes and storage of value, As for other cryptocurrencies that are so volatile are meant for trading and investment purposes. Cryptocurrencies are that volatile because they are not being manipulated and so they are allowed to be controlled by just the forces of demand and supply.

 

[Kelly5]

I don't think this kyc issues is a problem to me at all. Is very necessary for these exchanges to conduct these level of KYCs to prevent fraudulent Individuals into our cryptocurrency space so we don't get to transact with them at any point

 

[eLdavis]

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.

You are right, this is just another means for the government to try and control the crypto transactions. Since they know they cannot fully control it, this is how they fell they can have some hand over crypto transactions and also earn from it.

 

[ahmedo24]

Government is having an edge over cryptocurrencies as regards money making because they can come up with policies that can be favourable to them.

 

[BrolySSJ]

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.

It will definitely reduce the amount of criminal activity that happen with cryptocurrency because they will be able to trace the users that are not abiding by certain laws and regulations however it goes against the decentralized nature of cryptocurrency and that can be a major concern for many people.

 

[Josemendez]

It will definitely reduce the amount of criminal activity that happen with cryptocurrency because they will be able to trace the users that are not abiding by certain laws and regulations however it goes against the decentralized nature of cryptocurrency and that can be a major concern for many people.

This is what countries should do instead of banning cryptocurrency. Regulating it will give it power against scammers who may want to use the process for fraudulent activities

 

[Jlife]

This is the reason why stablecoins like USDT and USDC where invented to solve the problems of the volatility of the coins for payment purposes and storage of value, As for other cryptocurrencies that are so volatile are meant for trading and investment purposes. Cryptocurrencies are that volatile because they are not being manipulated and so they are allowed to be controlled by just the forces of demand and supply.

If the society is adopting Usdt for normal mode of payment for goods and services, we have to believe that they are adopting the US dollars because Usdt is just equivalent to the United States dollars, and also cryptocurrency can be manipulated by top Whales and influencers

 

[Ralphjoe]

If the society is adopting Usdt for normal mode of payment for goods and services, we have to believe that they are adopting the US dollars because Usdt is just equivalent to the United States dollars, and also cryptocurrency can be manipulated by top Whales and influencers

Then I completely support what most countries central banks are doing by coming up with their own different digital cryptocurrency or currency as this will go a long way in solving the issues of international transfer and online payment.

 

[Mostee501]

It's definitely for the benefits of users in other to reduce the rate of fraudulent activities around the cryptocurrency market and am sure it has made scamming people more difficult which is good.

 

[BrolySSJ]

This is what countries should do instead of banning cryptocurrency. Regulating it will give it power against scammers who may want to use the process for fraudulent activities

However I think that if you regulate cryptocurrency it can also backfire because many people are actually interested in the fact that is decentralized however if you have to regulate the currency it is more likely to go on to a centralised platform and this kind of defeats the purpose of cryptocurrency in its entirety.

 

[gammarays]

It's a step in the right direction for me because it will tie every crypto account to an individual. This will reduce the rate of crypto frauds happening on a daily basis. It's better than banning it entirely. Hope other countries copy this.

 

[BrolySSJ]

It's a step in the right direction for me because it will tie every crypto account to an individual. This will reduce the rate of crypto frauds happening on a daily basis. It's better than banning it entirely. Hope other countries copy this.

It will certainly address the concern when it comes to having multiple accounts from a single person however there is no way to tell what people be doing with the cryptocurrency after they take it out of a cryptocurrency exchange site and I think that this can be another concerning factor that they have to address as well.

 

[Josemendez]

However I think that if you regulate cryptocurrency it can also backfire because many people are actually interested in the fact that is decentralized however if you have to regulate the currency it is more likely to go on to a centralised platform and this kind of defeats the purpose of cryptocurrency in its entirety.

The essence of the regulation is for government to have access to the crypto to Fiat transaction. This will help them to detect fraudulent activities and tax evaders

 

[Jlife]

Then I completely support what most countries central banks are doing by coming up with their own different digital cryptocurrency or currency as this will go a long way in solving the issues of international transfer and online payment.

I don't see the need for all countries to come out with their own digital currency, dollars is one of the most use cryptocurrency and I think we should also adopt dollars for any transaction we do.

 

[Ralphjoe]

I don't see the need for all countries to come out with their own digital currency, dollars is one of the most use cryptocurrency and I think we should also adopt dollars for any transaction we do.

The thing is that most countries are already using the Dollars as their reserve currency and this has made most of the exchange rate to be unfavorable when it comes to international trade so it is a new strategy to adopt a cryptocurrency that cannot be manipulated by anyone as a general currency for trade.

 

[Jlife]

The thing is that most countries are already using the Dollars as their reserve currency and this has made most of the exchange rate to be unfavorable when it comes to international trade so it is a new strategy to adopt a cryptocurrency that cannot be manipulated by anyone as a general currency for trade.

But the stable currency that every country wants to create as cryptocurrency will still be manipulated and it will be a stable currency which will also serve as the US dollars,i don't still understand.