I haven’t said they are making these lists. But it’s their decision to enforce KYC, something that nobody mentioned when I was buying ETN - about a year ago. And, at least for me, the idea of crypto is to be free from all these restraints that banks enforce, not to be even more restrained. I had to invest a lot more time into ETN’s KYC than I had to invest to get a loan from international bank that operates here. Anyway, this is just my opinion.
Only you can decide which investments are right for you and no one here will give you investment advice.
I don’t know where you live and what the likelihood of your country experiencing sanctions is and that is something you’ll need to figure out.
I do agree that the KYC process Electroneum has implemented is a bit more difficult than getting products in the real world but when you got your loan, the bank was geared up to only accept your country’s ID - Electroneum is global and needed to find a single solution that meets everyone’s ID requirements with the minimum friction possible. To be honest, I think they’ve done a very good job at servicing as many people as they have.
I honestly believe that Electroneum are pioneering the path that all other cryptos will follow if they want to be anything more than vaporware in the coming years so if you decide to cash out and try something else, I think you’ll experience the same issues elsewhere.
" had to invest a lot more time into ETN’s KYC than I had to invest to get a loan from international bank that operates here. "
Right…I have taken out and paid off many a loan. I can tell you the KYC that ETN is asking for in no way required more time than getting a loan. Are you serious?? take your FUD somewhere else.
EU list of high-risk third countries (status February 2019)
The following countries are identified as jurisdictions having strategic deficiencies in their regime on anti-money laundering and countering terrorist financing under article 9 of Directive (EU) 2015/849:
Afghanistan American Samoa The Bahamas Botswana Democratic People's Republic of Korea Ethiopia Ghana Guam Iran Iraq Libya Nigeria Pakistan Panama Puerto Rico Samoa Saudi Arabia Sri Lanka Syria Trinidad and Tobago Tunisia US Virgin Islands Yemen
So, what you’re saying is, that I’m lying? When they introduced KYC via Yoti, I’ve tried numerous times to do KYC, and it didn’t work - even when people told that there is way to get redirected to ETN’s page instead of Yoti. I’ve spent at least 10 hours (cumulatively) trying to do it before they made their own system. After they introduced their KYC, I waited for 7 days to get level 2, and over 2 weeks for level 3 (my account - ergo, my money - was inaccessible for all that time). For the loan, I went to Raiffeisen bank (Austrian bank operating in my country) with my ID card, and I had money on my account in 4 days. So - if you think I’m lying, it’s your problem, not mine.
Edit: And the main difference - bank is loaning me their money, and hoping I’ll be able to pay it back, while ETN does not give me anything - I’ve paid their coin with my money - the same way I pay for bread, TV set, or anything else.
ok, lets all calm down.
It’s been known that KYC was coming for a long time and as much as people want to think of crypto as anonymous and regulation free, in my opinion, this is not the Electroneum way.
They want a crypto that is like a bank account but global without cross-boarder charges and transaction fees and without some of the pre-requisites of a bank account such as an income / fixed address / credit checks etc…
If this isn’t for you, I wish you well and if you think this single clause is too bad for your risk appetite, it is my opinion that things will only get worse from a regulatory perspective.
To answer your edit, let me reiterate, this is NOT Electroneum doing this. This is international law to provide a financial service as they are facilitating payments to real-world companies. Your current account at your bank has the exact same clause and will stop you buying your bread and milk if they are told to by the authorities.
sorry I only slept 2 hours last night (work). I was rude and I apologize.
That being said I agree with @M44FFW’s words. KYC has been a thing for ETN since before Sept 2018. This project probably isn’t for you if you don’t like the regulations.
Maybe other coins don’t have KYC/AML now…but they will. It’s just a matter of time.
I’m little bit mad of this new updates especially with no payment miner received I know the team working on it but this is not my state it’s my friends state ( alot of things, using, rights or etc …) .a lot of people around me takeoff from the project because of this detail roles for real some of my friends call me frightening about this things I tried to explain them . I wish to thinking again you promised to help unbanked people ; people of the there’d world country as others say .but as I can see all of unbanked people especially from those country’s had d same proplem again it’s documents and account’s restricting things worry’s and other things .me as a lover of the project just completed the kyc from the beginning of it’s period but still have no 100 % convenient cuz my country on that list and I’m a college in other country . I don’t have that much of money but I made the full kyc cuz I liked the project and I trusted and still have that trust with 50% yes I’m trying to spread the project as I can but I guess I’ll rethink again about everything or finishing that by deleting my account with all my provided documents .I’m not a fud or like other guys who want to bla bla on the project .this is my really word as a real lover for the project it has the begest botanical on the market but hope to think about other people from there windows for the real I liked the project and I hope to consider that by our value team thanks again . Hope to see that by Mr Richard best regards
Paper and cli wallets will always be available, or the coin couldn’t function properly. Exchanges and other services need it. gift cards use paper wallets. So do many ICO investors. I would think it would be impossible to function without.
Edit: Quick grab a copy before they make the blockchain private…