India's KYC procedure has become much more thorough

[Bookwormlux1]

They are doing this because India is a very populated country, and if they do not take necessary measures like this, it will be very easy for scammers and illegal people to make use of cryptocurrencies for their activities.

 

[Ononivami1]

The KYC verification in my country has become even worse because most of the exchange would require you to upload documents and it will take a very long time before you get verified.

 

[James2]

I guess they want to legalize everything as they wants to have regulation on digital currency and they wants all information from trader means we have to share everything as as from information available, you have to pay taxes too. I can't see anything wrong it if means to stop illegal money transfer.

 

[Sincerem]

I like this KYC procedure because that will establish the real identity of the user. We are now like in the olden days when there is no caller ID on landline phone that you cannot identify a caller. Those were the days when prank calls are common. Think of getting a call by midnight with a scary voice, that would really make you panic. But when the caller ID was implemented here those prank callers vanished. With the strict implementation of KYC we can minimize the scamming activities.

True mate, the internet space is not really a safe haven so to improve the quality of services rendered and other activities performed the kyc identification had helped to make it a more secure environment so people can confidently perform several task without hesitation.

 

[Setho]

It is now funny how a lot of government are trying as much as they can in order to control crypto . It is important for them to know that cryptocurrency is supposed to be completely anonymous with no central figure controlling it.

 

[glitch]

I am not super familiar with this. I will have to look into it more. I was reading something about this a few days ago and couldn't make sense of it but I think it will impact the future of crypto in general.

 

[Smiles20]

It is becoming very sad with the way in which so many people are trying to control the way in which cryptocurrency is going to be done . Cryptocurrency was created to be anonymous and I think that government should start to respect that.

 

[Ononivami1]

The kyc to become altura because of the fact that money laundry is very common with give me the currency exchanges and that is why that has been in place for a while to prevent such activities.

 

[Setho]

India is one of the most populated countries in the world and since cryptocurrency is anonymous people are going to be using it to engage in stem activities which I think is a good move.

 

[Bookwormlux1]

There a lot of people who are misusing cryptocurrencies, and I do not really blame the Indian government for coming up with such tough measures when it comes to cryptocurrencies regulation .

 

[Lens]

The kyc is done to prevent money laundering in cryptocurrency exchange. This is basically because most of the cryptocurrency exchange has become a home for money laundering and that is why this is becoming very important.
The kyc become stiffer because of the money laundering activities around the cryptocurrency exchanges and this is the major reason why the kyc is important.

 

[tyrim88]

The kyc is done to prevent money laundering in cryptocurrency exchange. This is basically because most of the cryptocurrency exchange has become a home for money laundering and that is why this is becoming very important.
The kyc become stiffer because of the money laundering activities around the cryptocurrency exchanges and this is the major reason why the kyc is important.

I would not really blame these platforms that usually come up with stiff measure of kyc,because as good and easy the mode of using crypto to do and confirm transactions,lots of persons are using it to wire illicites funds.

 

[Shigobad20201]

Since the Indian government has put a ban on the uses of crypto currency, getting the kyc verification and procedure method done has become hear because its mainly use to avoid laundering of money .