Cryptographic money for mobile use has introduced KYC technology into its app, starting to create accounts and asking for transparency.
Electroneum (ETN) will follow the trend for greater regulatory compliance and will introduce a KYC procedure for all app users. User monitoring will become mandatory from 12 November. The move by ETN is staggering, since the currency is forked by the Monero protocol and is anonymous by its nature. However, the currency is extracted and transferred via a & rs; mobile app, which will require disclosure.
"Today marks the third time that Electronuem has opened new horizons in the world of cryptocurrencies.We were the first mobile cryptocurrency in the world, we have developed the world's first cryptocurrency payment API and today we are the first KYC-certified cryptocurrency in the world" , said Richard Ellis, founder and CEO of Electroneum.
Electroneum's regulatory technology comes from a partnership with Yoti, a dedicated KYC service provider. Ellis believes the move is crucial to turning the Electroneum ecosystem into a recognized fintech to rival other payment systems:
"This will help us to evolve from a cryptocurrency into a recognized digital payment medium like PayPal or Apple Pay, which will allow us to help our main market: smartphone users in developing and emerging countries."
The Yoti verification service allows the creation of a single identity, which could be used through the cryptographic ecosystem. Other projects also aim to help rolling out verification tools.
The cryptic community sees the move as paradoxical. But in 2018, mainstream adoption has gone hand in hand with regulatory compliance and more organizations are monitoring their users through information disclosure. Services like Shapeshift are also implementing accounts and KYC, while Changelly closely monitors anonymous currency transactions, in particular Monero.
However, Electroneum has downsized most of its privacy functions and has retained only the Monero mining algorithm, to aid in the simulation of mobile mining. At the same time, the Electroneum network decided not to disable ASIC and allowed the technology.
The market price of the ETN has recently moved, rising to $ 0.02 from recent prices below $ 0.01. ETN traded at $ 0.019 as of 13:00 UTC, up about 4% in the last 24 hours.
The Electroneum community is one of the most active, although the project has caused multiple disappointments by changing direction from its initial objectives. The problems ranged from portfolios blocked for months, to coins lost in trade due to the privacy function, as well as a blocking of mining activities. However, the Electroneum project continues to market as a single currency with the potential for mass adoption and slowly expands into the cryptographic ecosystem.
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