KYC process is an awkward decision!


#1

Setting KYC for a coin with a seperate blockchain like ETN is an awkward decision which ETN team wants to make!

There is no mention, any link, any hints from roadmap that once upon a time we have to pass the KYC for withdrawing ETN in our own wallets!
ETN team should had mentioned it when it was an ICO not at this moment they change their policy to adopt with EU laws and force holders to pass the KYC in 3 levels!
The worth thing in this process is some limitation for some countries who are not accepted in Yoti, or who don’t have tax number in their countries and other same problems!
Please review this decision in order to address all of problems at first and gather all comments of your community (ETN holders) at first then set a KYC for adopting to EU laws!!


#2

They will solve this for the ones that aren’t able to do it. It had to be thrown out there for patent approval purposes. This is not the final version.


#3

This time last year, KYC was on nobody’s radar!

Any successful Business with a Long term strategy must be willing to Evolve and that means things like new Legislation’s must be followed, and if this means changing earlier plans - then so be it.

Richard just posted in another thread (sorry i don’t have the link) that Nobody will be left behind, everyone from Country’s that are having difficulty setting up or Verifying will have a solution. This “Soft Launch” was to find out these problems so they can be Addressed before KYC becomes Mandatory.


#4

I hope so it will be addressed because we , Iranian people will be very disadvantaged!


#5

The fact is that we can’t pursue our initial dream that came with the cryptocurrencies. Meaning that we were naive (to say the least) to believe that the governments will let the power to the people.
If years passed without regulation, as people would have been extremely against it, governments along with the banks would have taken this market down like there wasn’t even a market in the first place. So we should let them get a bite, and maybe we will have our lives change in a way we can’t at the moment.
Then what ETN is doing is the next best thing, and it is extremely important that they are in the front seat.


#6

This is a compelling answer my mate!
Thanks for your reply👍🏽


#7

No problem man. I already see the utility of this forum, and we are just getting started. :wink:


#8

Nice post.
The developed countries keep explaining what tax number is but they fail to understand its non existent here in most Developing countries.
The middle income or higher pays tax and then there is people with no jobs (even graduates who cant find jobs despite good results). Every developing country is vastly different interms of rules and laws.

In short please dont explain what tax number is and be duhhh about it, even if we know what is it, we wont have it to give you one.
Instead come Ill explain what NID is.


#9

I live in a developing country as well. Then, it depends.


#10

As I said , every Developing country is vastly different from eachother interms of system.

Where are you from?


#11

Romania. Which is at the bottom of developing countries, to say the least. With the most corrupt government in Europe, of course they give us ID cards, in order to be able to control each and every aspect of our lives.


#12

Interesting, how a certain part of the world is so different and yet the same.
We are corrupted here too, its common atleast.


#13

So you see, we could have never got away with ‘‘the power to the people’’. Even the developed countries control their citizens. Only that they are less intrusive.


#14

I have no problem with Kyc, just that things should have been well thought.
I can provide every document rhey ask for but the document needs to exist.


#15

As I said before, they had to push it as it was for the patent to get approved.
So this shouldn’t be the final version.


#16

Either way sooner or later kyc was bound to happen anyway and from certain interview throughout the year Richard did mention that they Will go for regulation to follow the rules at one point So he was kinda givings hints Maybe they should have put it in the whitepaper or Tell us around Ico time but i think around that time you don’t know yet what the future brings and what their partnerships plus goverments want in order for electroneum to suceed in this space and around the world to go for mass adoption i think This just is needed and everyone that has issues now or problems Will be solved for sure i think yoti Will bring out update sooner or later with New countries and everyone that can’t do anything at the moment i know for sure that the ETN team are doing their best to solve the problems So that nobody Will be left behind and everyone can just finish their KYC in the end :wink: We all shouldn’t be to worried about This Unless people are doing shady things or are tax evaders :yum:


#17

It’s only human nature, but some are more corrupt than others.