Hello guys, Its finally here the instant payment system is in beta mode! Also electroneum has released its KYC process. I understand other articles on here have already discussed what is KYC and the various tiers of 1,2 and 3.
But I got thinking and I am curious to know if it will be obligatory to confirm as tier 3 KYC in the future, the reason I say this…
As an example lets say I have 50,000 coins in by electroneum wallets and it is 5/7 years in the future and the price of electroneum is 3 dollars. Therefore I will have 150,000 thousand dollars worth of cryptocurrency in my wallet.
Now for the sake of the example lets say I want to sell all my coins on an exchange and at the current price of electroneum which was 3 dollars.
Would there be an issue moving this amount of monetary value to an exchange if I dont have a KYC tier 3 status or will i have to be approved at tier 3 before I am able to send coins to an exchanges
I would love to here other peoples opinons on this or any claRification will be much apprieciated