I understand the convenience of being able to convert right away your coins/tokens into cash. But since you are being connected to fiat money. government rules and regulations should apply. To be fully operational, each government in every country needs KYC for every customer. So if you are going to be KYC free, then I doubt that the government will allow you to proceed with your project.
This question really caught my attention. That I am waiting also for an answer to this interesting question. We really need to clarify things to be able to fully support this project. Though, this is really a great and promising project for everyone in terms of converting our cryptocurrency. We also want to know if it is really feasible especially now that the government closely monitoring the crypto industry.
They dont need a kyc once you have a visa or mastercard you can just swipe it anywhere. They just need to operate on a country that doesnt mind cryptocurrency. Also having visa and mastercard id an international thing. Government doesnt have the rights to block those people that will have Cryptoriya master or visa card. Visa and mastercard is good as cash in almost all atm branches around the world
i have never heard of any mastercard or visa card that did not do their client verification. the banks will never let you just take out money anywhere in the world without them knowing who's taking the money out of their vault, even though its actually your money, they still need to know who you are.
Let us see how will CryptoRiya team will resolve that problem in the future. CryptoRiya is different from banks which are centralized. Therefore, let us also believe that KYC process is not anymore big deal to a project that has security and decentralized system.
It very feasible even though we need to pass KYC/AML for this project. It's not a big deal with need to follow the rules, Well i guess we need to change our password and create new email address and don't connect it to your own email add. Crypto to cash anywhere without bank it's really possible just like converting it to gold and money.
KYC is not just a rule imposed in a project, it is for the safetiness of the people. Because if all people are legitimate user of CryptoRiya, we can guarantee that we are using a service that is safe and secure. We don't need KYC but we need to have assurance that all user of CryptoRiya are legal.
To break this ussue with/without KYC People can just fake etheir identity in internet its so easy for Cryptoriya to give visa or mastercard without KYC look at Centra they just issue cards without kyc on other investors
Thank you for imparting your ideas about KYC and how the system will possibly work without KYC. Please let the information flow. I am monitoring this conversation to be able to understand more about KYC's Pros and Cons. CryptoRiya is a great project that is why I want to know more about how they will make things simple and easy.
Criptoriya says we can cash out our money without using of KYC, but this is important, this is to identifying and verifying the client
they used this to refer the bank and to anti laundering regulations which governs the activities.
So what are you promising to entrust our money to be safe and to avoid this money laundering.
As many may have read already from CryptoRiya's whitepaper, KYCs are not needed for regular debit cards whose monthly spend limits is at $30,000 which is under the radar of Money Laundering as it is not so huge of an amount so to say to be qualified as such.
But that monthly spending limit is changed to "unlimited" when one opts for a Luxury Debit Card of which, is sensitive for money laundering issues, thus, CryptoRiya imposed a KYC on this part.
With the above given, CryptoRiya is well in check of the possibilities of money laundering and placed enough limit and security to ensure customers and users are well regulated and compliant with governing financial laws.