India's KYC procedure has become much more thorough

[Good-Person]

I really do not know when countries will make the KYC policies lenient when it comes to crypto coins. I am sure there are many developed countries that do not have strict policies in regards to crypto KYC procedure. KYC is not the essence of crypto and crypto was not developed or it was not meant to be a kind of transaction that was supposed to be easily traceable.

 

[Emmy]

I wish other countries can adopt this method to protect their users. The issues of this fraudulent activities is nothing to write home about. It has become something that want to beyond normal. I'm pained that I was fall victim recently.

 

[gammarays]

For people supporting strict KYCs around the, let it be known to them that it is an excuse by government of the world to sensor and possibly control the crypto space.

No doubt criminal elements can use crypto currencies privacy and independence to transfer I'll gotten fortune, but the involvement of different governments will do crypto Currencies damage then good.

Take for example, last month I heard the US government were planning to tax crypto holders and transactions, if that can be done, what make crypto currency transactions different from conventional bank transactions??

Regulating crypto is not bad if it's done in the interest of the people. I clamour for a strong kyc for every crypto owner so as to tag every transaction to a name. US went to far with its tax rate of 40%, can they tax normal businesses same?

 

[Kvngsammy]

It's a fantastic idea as it'll prevent a lot of fraudulent activities - it'll help further to trace any transaction. I wish my country allowed this. I would have been happy because we that are earning legitimately need to even make transactions to our bank

 

[Setfragil]

This is a good and a welcome development in India. Strict measures on KYC is a procedure to protect the users of cryptocurrency from being a victim of scams and frauds.

 

[BrolySSJ]

I really do not know when countries will make the KYC policies lenient when it comes to crypto coins. I am sure there are many developed countries that do not have strict policies in regards to crypto KYC procedure. KYC is not the essence of crypto and crypto was not developed or it was not meant to be a kind of transaction that was supposed to be easily traceable.

There are some countries that actually don't engage in this sort of verification process because cryptocurrency is not yet legalized there and as a result the exchange site cannot legally ask you for this sort of personal information.

 

[Good-Person]

There are some countries that actually don't engage in this sort of verification process because cryptocurrency is not yet legalized there and as a result the exchange site cannot legally ask you for this sort of personal information.

Well, I believe that Bitcoins and other kind of crypto coins are not as popular in many countries and this is why they do not even have strict rules regarding crypto use. There is not even a single Bitcoin ATM in my country because crypto is NOT at all that much popular in my country at all.

 

[BrolySSJ]

Well, I believe that Bitcoins and other kind of crypto coins are not as popular in many countries and this is why they do not even have strict rules regarding crypto use. There is not even a single Bitcoin ATM in my country because crypto is NOT at all that much popular in my country at all.

In my country we do have quite a few of the Bitcoin ATMS however they are heavily regulated and you can only use them to purchase crypto and not to sell you coins in any way and therefore it is severely limiting.

 

[Dagm1]

The intro of tax obligation as well as if executed it is actually most probably that they are actually currently on behalf of Crypto moneys, the tax obligation will certainly certainly carry all of them a lot income since certainly there certainly are actually more Crypto money individuals however I would not understand if the tax obligation is actually most likely to remain in Crypto or even fiat moneys.

 

[Good-Person]

The intro of tax obligation as well as if executed it is actually most probably that they are actually currently on behalf of Crypto moneys, the tax obligation will certainly certainly carry all of them a lot income since certainly there certainly are actually more Crypto money individuals however I would not understand if the tax obligation is actually most likely to remain in Crypto or even fiat moneys.

I believe that whenever a comodity or anything becomes too popular in a country, the government of that country immediately tries to regulate it and tries to tax it as much as it can. Since crypto in gaining popularity is some countries, governments of those countries are more interested in taxing it and placing restrictions on it.

 

[Shigobad20201]

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.

KYC procedure and verification is always thorough everywhere not only in India, and India government implementing tax on the use of crypto currency is a good news and it means that the government is ready to accept crypto currency back in the country.

 

[ahmedo24]

The government just needed to be proactive because billions of Indian rupees are used for cryptocurrencies transactions without been taxed for government to generate revenue.

 

[BrolySSJ]

I believe that whenever a comodity or anything becomes too popular in a country, the government of that country immediately tries to regulate it and tries to tax it as much as it can. Since crypto in gaining popularity is some countries, governments of those countries are more interested in taxing it and placing restrictions on it.

This is generally the case and I think it is because that the government are actually trying to benefit as much as possible from any commodity that seems to be profitable within the country and it is understandable and the same self improvement within the country however many people believe that this can also stifle future innovation within the country.

 

[Setho]

It is no longer news that a lot of countries in the world today are always wanting to control cryptocurrency and I think that is the reason behind this very hard kyc.

 

[BrolySSJ]

It is no longer news that a lot of countries in the world today are always wanting to control cryptocurrency and I think that is the reason behind this very hard kyc.

It does hold people accountable to have such a KTC verification procedure, but it can also be quite risky in the sense that it might cause people to seek out other international exchange sites which cannot be controlled and regulated in the country in any way.

 

[Thinker009]

The kyc information and data is really needed , because most exchange platform usually contain scammers and hackers , so they needs to make sure people go through the needed verification

 

[BrolySSJ]

The kyc information and data is really needed , because most exchange platform usually contain scammers and hackers , so they needs to make sure people go through the needed verification

It is a good way to try and eliminate hackers however at the same time the verification procedure will also exclude a lot of people from different regions that are currently not legalizing cryptocurrency and therefore this can reduce the amount of traffic that happens on the cryptocurrency exchange website.

 

[Good-Person]

It is no longer news that a lot of countries in the world today are always wanting to control cryptocurrency and I think that is the reason behind this very hard kyc.

They want to control it because most of the countries want to control anything that produces capital gains and crypto trading produces capital gains on trading. They also want to control crypto because it is a non-regulated payment processor.

 

[Heatman]

Seriously, it's very important that they have got their KYC upgraded in such a way that it's giving far more better security for users than it's used to be.

 

[BrolySSJ]

Seriously, it's very important that they have got their KYC upgraded in such a way that it's giving far more better security for users than it's used to be.

It is a very good thing and I saw that in a recent article they are also offering various benefits to people that complete the verification process such as allowing them to purchase food items using the cryptocurrency.