India's KYC procedure has become much more thorough

[Ralphjoe]

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.

The stable currencies that all countries want to create right now would mostly be used for online transactions and it will be as stable as the country's Fiat currency because the digital currency would be based on the value of the Fiat currencies of each country.

 

[Jlife]

The stable currencies that all countries want to create right now would mostly be used for online transactions and it will be as stable as the country's Fiat currency because the digital currency would be based on the value of the Fiat currencies of each country.

Okay why don't every countries of the world use the US dollars for every transaction since the US dollars is the official recognise currency in the world ,why the need for another stable currency ?

 

[Josemendez]

Okay why don't every countries of the world use the US dollars for every transaction since the US dollars is the official recognise currency in the world ,why the need for another stable currency ?

What most countries are trying to do is to have the digital version of their Fiat currency and this is what they need in other to be able to compete with cryptocurrency .

 

[Jlife]

What most countries are trying to do is to have the digital version of their Fiat currency and this is what they need in other to be able to compete with cryptocurrency .

There is no need they will be able to compete with cryptocurrency because they will be creating a stable coin while cryptocurrency is volatile,this is impossible..

 

[Ralphjoe]

Okay why don't every countries of the world use the US dollars for every transaction since the US dollars is the official recognise currency in the world ,why the need for another stable currency ?

I think most countries or most people want other means of transacting international transaction with another currency which can give them a kind of anonymous which can give them some animosity.

 

[Abigael]

I think this is a really good development for Indians. They will be able to manage criminal activities better. Having such thorough KYC ensures that you fully know your customer really well.

 

[Jlife]

I think most countries or most people want other means of transacting international transaction with another currency which can give them a kind of anonymous which can give them some animosity.

I don't see the need for the animosity, every country should be looking for a way to improve their economy and to also make their own currency to be valuable ,i don't see the needs for them to bring out something that won't even have any effect on the economy of the country.

 

[BrolySSJ]

Okay why don't every countries of the world use the US dollars for every transaction since the US dollars is the official recognise currency in the world ,why the need for another stable currency ?

Personally I will never say that the US is the official currency of the world. From my point of view I think that the US dollar is used as the standard when you report a value or a price, because it is the most universal in terms of the pairing with the existing fiat currency. I think that perhaps it could also have something to do with the fact that there is a substantial amount of power and economic sway that comes from the United States of America, and therefore they are considered to be the global powerhouse. Hence, the fact that other countries revert to expressions in terms of the dollar.

 

[Jlife]

Personally I will never say that the US is the official currency of the world. From my point of view I think that the US dollar is used as the standard when you report a value or a price, because it is the most universal in terms of the pairing with the existing fiat currency. I think that perhaps it could also have something to do with the fact that there is a substantial amount of power and economic sway that comes from the United States of America, and therefore they are considered to be the global powerhouse. Hence, the fact that other countries revert to expressions in terms of the dollar.

I considered the US dollars as an official currency in the sense that it is the one that is being used in terms of business calculation, in terms of economy and in many other ways, so I believe every country should resort to the use of the US dollars digitally.

 

[Yusuf1]

I think this is a good step in the right direction. We all know crypto currency exchange Business is very prone to scam and the market is not regulated by any agency so the best is to make the Kyc very hard

 

[jeff87]

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?

I believe this is a very good and welcoming news for India. It's good that their government is taking steps and measure against fraud and money laundering through know your customers identification process. I hope it can also be done in our country. It is for the safety and protection of the finances of all the constituents.

 

[Senator]

If India's procedure for KYC has become more thorough than it use to be, then they should be happy since it's all geared towards protecting their money

 

[Heatman]

Seriously, as far as I'm concerned it's a very good thing and good step towards making sure that everything should be as it's supposed to be in order to protect everyone's privacy.

 

[gammarays]

If India's procedure for KYC has become more thorough than it use to be, then they should be happy since it's all geared towards protecting their money

Yes it's a good step in the right direction because we seriously need crypto to be regulated. There are many junks coming up in crypto daily and they make investors lose their hard earned money.

 

[Heatman]

This is a good idea and it's far better than just waking up to ban crypto currencies generally. A regulation to check things this way is better.

Seriously, I believe that it's something should happen longer before now but the most important thing is that they have worked in it now which makes things easier.

 

[Lens]

Almost all the exchanges carry out a routine KYC of its users. This is often triggered when you make attempts to login to your exchange using a different location. It will trigger the KYC authentication and you must complete it if you want to carry out any transaction on the exchanges.

 

[Setho]

The thing is that you really are not going to blame the exchanges because the two are also following the guidelines of regulatory bodies and to be honest it is not fair at all.

 

[BrolySSJ]

I believe this is a very good and welcoming news for India. It's good that their government is taking steps and measure against fraud and money laundering through know your customers identification process. I hope it can also be done in our country. It is for the safety and protection of the finances of all the constituents.

It is a good system however it does go against the decentralized nature of cryptocurrency as well because now you have to share your personal information in order to use a coin that is supposed to promote anonymity.

 

[Man]

The entire KYC as a domain globally and specially in India with respect to cryptocurrency usage is still at a very nascent stage. This needs to be evolved to a very high level, to ensure smooth transactions for all the people as well as safety from fraudulent activities. While currencies are becoming global, nobody is thinking for global KYC approach, which should be standard across all countries and all platforms.

 

[BrolySSJ]

The entire KYC as a domain globally and specially in India with respect to cryptocurrency usage is still at a very nascent stage. This needs to be evolved to a very high level, to ensure smooth transactions for all the people as well as safety from fraudulent activities. While currencies are becoming global, nobody is thinking for global KYC approach, which should be standard across all countries and all platforms.

I believe that India is starting to actually get a bit better when it comes to their verification process because they are allowing for different features to be available for different levels of verification and as a result will are more likely to engage in the verification.