India's KYC procedure has become much more thorough

[Heatman]

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.

Seriously, a lot of people have been scammed over the internet over silly things that could easily be avoided with this upgrade. I'm glad the way things are going.

 

[Sincerem]

Not all exchange site I can submit my essential documents and personal information to. I did it with Binance cos their exchange platform satisfied me.

 

[BrolySSJ]

Seriously, a lot of people have been scammed over the internet over silly things that could easily be avoided with this upgrade. I'm glad the way things are going.

You have a very good point however some of these are legitimate and scam sites actually ask you for verification as well in order to engage in identity theft and therefore I think this is why people are so sceptical about certain verification processes.

 

[Heatman]

Is actually why is not important that whenever this website are doing this kind of thing they should do you very well in order to make sure that their verification is automatic and cannot be tricked.

 

[Ceeny007]

I believe it's a step in the right direction,when it comes to financial sector certain check and balances needs to be implemented to avoid fraud and encourage foreign direct investments as investors need to know that their funds are safe

 

[Heatman]

I believe it's a step in the right direction,when it comes to financial sector certain check and balances needs to be implemented to avoid fraud and encourage foreign direct investments as investors need to know that their funds are safe

Seriously, it is something I believe they should have done longer before now but the most important thing is that they have actually had it sorted out which makes things far more better.

 

[Shaffy]

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??

Each individual has his own views. I also support regulations, but I know that the government will try to be extreme. The solution is to arrive at a balance, even if taxes were applied they should be sensible. It's not a crime that income should be taxed, just reasonable.

 

[Heatman]

Actually, I believe that is a very good thing that they are the way they are right now and it's going to be a very good thing that other projects copy them in order to make things very easy for all.

 

[tuna89]

That's probably due to high level of fraud,the KYc would reduce the fraud level through gathering of enough genuine information of every user.

 

[Heatman]

That's probably due to high level of fraud,the KYc would reduce the fraud level through gathering of enough genuine information of every user.

Exactly, it's actually why it's very important that all this company take this very seriously because at the longer pace is that they help a lot of people from making some mistakes and also helping themselves as well.

 

[Kingstone]

If the government wants to be earning tax through cryptocurrency, I think they will have to support cryptocurrency but it must not be regulated. Some governments of the countries are already banning it, which makes it difficult for them to ask for the tax via crypto.

 

[Heatman]

If the government wants to be earning tax through cryptocurrency, I think they will have to support cryptocurrency but it must not be regulated. Some governments of the countries are already banning it, which makes it difficult for them to ask for the tax via crypto.

The thing with most government of most countries that they are very greedy in every aspect because they are just looking at enjoying all the privileges of cryptocurrency alone by banning it and opening their own cryptocurrency.

 

[jay]

This is actually one of the best ways to know about the customers and how they behave towards a particular product in order to ensure that things that were supposed to be done that carried out successfully avoid issues of scam and thievery.

 

[Bookwormlux1]

Kyc verification processes need to be made very strict, especially when it comes to crypto currencies as a lot of money laundering could be done using crypto currencies.

 

[greenie]

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.

 

[Bookwormlux1]

Provided it would lead to a situation where they can continue trading crypto currencies, then I see no reason to even complain about the development as it is already a positive one .

 

[Blessedsam60]

What I noticed is that India has gone very far with KYC technology to ensure all customers are secure. KYC 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.

 

[Bousine123]

It is a good thing the KYC's procedure has become though in India because it will reduce a lot of fraudulent activities from scammers, trialing them through their transactions can also be easier.

 

[Bookwormlux1]

The government of India is really not trying for their citizens as they just continue to come up with policies that would continue to make life difficult for traders there.

 

[Ononivami1]

I support the Indian government for putting up such a regulatory scrutiny. It will ensure transparency in cryptocurrency transactions and will block illegal use of the cryptocurrencies.