Ninjastic
PostEdited versionsQuotes to this post
Post
Topic
Board Altcoin Discussion
Re: In what aspects do you think financial services like banks could improve more?
by
creativeleading
on 16/09/2019, 05:48:39 UTC
Quote from: VIP BTC on September 13, 2019, 10:07:34 AM
Quote from: Jating on September 13, 2019, 07:41:35 AM
Quote from: creativeleading on September 13, 2019, 07:02:04 AM
Quote from: VIP BTC on September 12, 2019, 11:09:17 AM
Quote from: befriendmywater on September 11, 2019, 07:05:38 AM
If selfkey can really handle transactions without KYC then I am sure it will be a successful project. Currently, there are many people wishing to transact without KYC.
they are afraid of providing KYC and their personal information and are afraid of being sold to terrorists. That is why the demand is very large.

I think there is no centralized system that does not require KYC, selfkey also requires kyc, but the process may be faster, I think many centralized systems want to use a system without KYC in each of their entities, but we also have to understand, KYC is also important for building projects, apart from the KYC abuse problem.

Yes, selfkey still has KYC process but the processing would be so much faster. They have just actually added more banks in their marketplace. Imagine opening a real bank account overseas with just a few mouse clicks. I just hope more people would know about them though.
Visited their website.

https://selfkey.org/

Looks very interesting specially for entities who wanted to open a real bank account offshore.

I don't know about the legal ramifications though, specially the there are a lot of regulations coming around, FATF, travel rule, FINCeN. They are all over the place now and I'm sure SelfKey will fall under the definition of VASP so they need to be updated as well.


I have read news about selfkey, I see the integration of one wallet with a bank will get problems, one of which is a problem when they want to build networks in countries that have not legalized cryptocurrency, for example Indonesia, can selfkey wallets be connected to banks there? Selfkey may be useful in the 10 countries they have mentioned, but we know that not all banks accept crypto, and not everyone uses a bank card that has a relationship with selfkey.

I mean they have just launched it. I don't expect it to be widely used now especially that they're still starting out. Once people would be more open to this idea, i guess the effect would be massive.