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> There's no reason someone in India, for example, would need to go through a KYC process simply to buy a small amount of cryptocurrency. Except for local laws
by umeshunni 7y ago
> There's no reason someone in India, for example, would need to go through a KYC process simply to buy a small amount of cryptocurrency.
Except for local laws which explicitly require KYC for crypto transactions: https://bitcoin-india.org/kyc_aml_policy https://bitcoin-india.org/kyc_aml_policy
- brycehamrick 7y agoThat appears to be one exchanges policy, not law. There may be a law I'm unaware of but in any case this wouldn't come into play using something like LocalBitcoins. Exchanges need to do this in order to conduct transactions with banks—obviously something that isn't needed for unbanked populations.
- lawn 7y agoYou're not wrong, but LocalBitcoins will also require KYC now.