As per the latest crypto news, Electroneum has become the first cryptocurrency in the world to introduce Know Your Customer (KYC) procedures. The mobile-based cryptocurrency recently announced that users will have to comply with KYC by November 12, 2018. Voluntary KYC registration has been started for the users. Electronuem’s business policy has helped them well in the past, letting them to tap into a market of millions in underdeveloped countries by going completely mobile phone based. The company states on its website that their aim is to connect underserved populations who don’t have access to banks with a means of currency.
As per Electroneum CEO and Founder Richard Ells at present Electronuem marks the third time and has broken new ground in the cryptocurrency world. It is the first mobile cryptocurrency, having instant payment API and now it is the world’s first KYC-compliant cryptocurrency. To register users will also be required to provide proof of their identity based on the amount of Electroneum coins in their wallet, with more proofs required for high volume ETN holders.
Electroneum’s decision to turn towards KYC regulations opens up the door for willing merchants and users who feared the overall regulation issues concerning cryptocurrencies. As per the news published in Bitcoin Exchange Guide, the overall aim of Electroneum and Yoti digital ID partnership is to increase adoption rates and the authentic use of ETN. However, as per the crypto news, the cryptocurrency world does not fully work legally as some users prefer privacy based tokens.
According to Tom White of Yoti, users will only require to make Yoti profile one time, after which it can be used to constantly approve their identity “in seconds” any time it’s required.
According to the publication Cryptosate, KYC technology will increase in the cryptocurrency space, for both state and federal regulators ramp up their efforts to crack down on deception and shut down the companies responsible. As stated in the crypto news, security has also been a very tall obstacle to crypto’s conventional adoption that KYC tech, especially solutions that are fast and easy to use, could help to leap.
The post Crypto News: Electroneum Is First Cryptocurrency In World To Introduce (KYC) Procedures appeared first on OWLT Market.
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