Topic: Old thread * Mods please delete (Read 1208 times)

I think the concept of this project is good, but I need more information like roadmap, because the roadmap is very important to see the direction and purpose of this project, I will continue to see the progress of this project, I wait for more information update, good luck

More like manipulated currency. If this project is successful it can also share it's success.

bad idea to base a coin on failing currency  it will share the fate of UAH

   That is exactly what the problem is here in Ukraine. AlexaUA is correct but completely wrong at the same time.

The standard way of banking here is to take a percentage of all deposits and sometimes even on withdraws which is why nobody here puts money in a bank account.

This leads to two fundamental problems in the financial system here, a third I won't discuss now (more later) but the major problems do indeed exist are:

1. Banks have little cash on hand. The lack of trust in banks as a whole created the problem. Banks here have stolen peoples money in the past. In fact they operate on eight year cycle on doing so and we are about due for another one. As a result people lack Trust in the financial systems here and tend to put hard earned Ukrainian Hryvnia's under the mattress.

We solve this by providing a cryptocurrency that cannot be stolen unless the users computer is compromised by malware or the account information is revealed (phishing etc).

UAHPAY puts the Trust back into the financial system in Ukraine by implementing multiple cryptocurrency based holdings of account deposits. Fiat transactions are done by instant conversion which means even our partner bank has nothing to steal at any given time. This limits our exposure with our partnering bank. Funding operations are done daily based on previous day volume. This means if the partnering bank does go rogue on us the most we will loose is two days of operation capital and the third day wire can be recalled by our home base institution. We have secured insurance for two days operation loss which will be underwritten by one off the largest insurance companies in the UK.

Money saved in UAHPAY's platform is much safer than standard banks in Ukraine.

2. As a result of point #1, people simply do not deposit money or hold more than $20,000 in an account at any given time. This has resulted in the pricing or fee based banking structure that exists today. You give the bank money here and they take a percentage of each deposit.

Now AlexaaUA has overstated his point. 21% is not anywhere where it actually is.
Most fee's taken are capped at 1%-1.5%. But acknowledging his point this is still a completely ridiculous fee.

UAHPAY has no deposit fee's on cash. We are fully aware of the "banking war" we are about to start here in this country. It's necessary and needs to happen in order for things to change. Change is not easy or fun, especially when you are upsetting the established order of banking and lending practices.

Banks are only successful when they obtain a specific amount of cash which is held on deposit. This can only be achieved when there is trust in the system. This in turn can be used to hand out loans, mortgages and other financial lending instruments.

The banks here have low deposit rates which lead to the predatory lending practices. For example, if one wants to get a mortgage here it's a pretty foolish move. Banks want 50-60% down on a property and charge 30-45% interest. Given the yo-yo value of the Ukrainian hryvnia (UAH) you would be crazy to get a loan from any bank.

Current exchange

1 US Dollar equals
26.18 Ukrainian Hryvnia

An apartment here costs about $100,000 USD.

Lets say you went out and were foolish to get a mortgage from a bank here.

The Ukrainian hryvnia suddenly rebounds to its former glory. Given whatever that rebound could be you may end up paying 26x your loan value which was crazy to begin with.

The above example clearly illustrates exactly what the problem is. The people of Ukraine are stuck in a predatory lending environment which was brought on by greed, corruption and theft. Adding to that it's stuck right in the middle of a WW3 scenario where two world superpowers are playing chess on its borders.

Our banking partner has exempted us from this rule (we pay no deposit fees in or out) instead we pay a yearly license fee to them for use of the platform and card issuance. The platform use is dependent on API's and is completely automated. Having said that we have a secondary clearing option that can be used but again, we are waiting on specific political decisions to be made before we commit either way.

The current partnership operates on the Cirrus/Maestro/Interlink FX platform which is why it is so attractive.

This allows us to move money instantly to settle transactions in fiat. This will be carried out in both Ukraine and abroad in a much more stable financial institution.

Our goal is to have upwards of 500 Million USD in deposits which would be the minimum requirement for establishing EU bank licensing.

TRUST
-------
NEED    = A VALUE BANK


It's time for change. There was a revolution a few years ago which started this exact project.
Its time for BTC to start changing countries.

I think they don't forget add 21.5% fee same as for bank depositor's to withdrawal at UANcard. After that "пoкpaщeння" your idea will die at pre-ico.

And if you hope to will see low for cryptocurrencies till the end at that week then your a very optimistic men.

Дeйcтвyющee зaкoнoдaтeльcтвo вce eщe в paзpaбoткe, нo oжидaeтcя чтo oнo
бyдeт зaвepшeнo в кoнцe этoй нeдeли.Bы мoжитe пpoчитaть бoльшe здecь:

https://news.bitcoin.com/ukrainian-lawmakers-bitcoins-legal-status/

Mы нe мoжeм нaзвaть бaнк c кoтopым мы бyдeм coтpyдничaть дo тex пop, пoкa
пpoэкт нe бyдeт зaвepшeн. Пoжaлyйcтa пocмoтpитe этoт пocт для пoлyчeния
дoпoлнитeльнoй инфopмaции oб этoм.


For English speaking users, the user above asked which bank is servicing payments. I believe what they really meant to ask is who our partnering bank is.

But to answer both questions (just in case): 

Direct card loads will be done in Ukraine through Ibox Stations (https://pay.ibox.ua/) which are located all over the country and directly at the partner bank branches.
Online, cards can be loaded through the UAHPAY platform with Altcoins, ETH, BTC, Bank Wire or direct card transfers through the partnering bank CMS.

The short answer is our agreement with the partnering bank precludes us from disclosing the partnership until the current legislation hits the Parliament floor for a vote and we secure our final PCI compliance certification. The card issuance will be done no matter what happens with the legislation here but it will effect how we do our card loads.

Either way, all cards issued have the issuing bank on the back of the card (this is required). So the best answer I can give at this time is to participate in our Pre-ICO and be the first to get a card.

Some very exciting things for the Bitcoin & Altcoin community are coming very soon out of this country and this project is on the forefront of the legislation and the products that can be offered as a result.

Please stay tuned for more information in this thread. I would love to tell everyone more but we are bound by certain agreements at this point.

Який бaнк бyдe oбcлyгoвyвaти плaтeжi?

no social media bounty for this project?

Our bank partnership and card issuance is a done deal.

The Government's involvement will come down to the legislation currently being drafted.

The goal with the Government is the legalization of Bitcoin and other Altcoins. Creation of a licensed ICO trading platform and an E-residency program.

Is the link with Mastercard a real thing or are you lobbying the government to get some approval for the link and it's not a given?  Will this be something for international users as well in the longer term?

Bounty details will be posted today. PM me or contact on Telegram to reserve now.


Fixed.


We have a bank partner who has a card issuance licence for Debit Visa and Debit Mastercards with a Bank in Ukraine which will provide the initial UAHPAY cards. After our ICO we will secure our own licensing but keep the existing partnership for Ukraine issuance only.

Well, and lack more description about the project. And when will the bounty campaign be available?

You got approval from MasterCard to use their logo on your UAH Payment Card. If yes than this is great achievement and it's worth to support this project even your OP has very limited info about this project you should put more to make it useful for members.

Thank you for your suggestions!

Looks poor... Thread design always attracts more users to read.

I think there is an error in the whitepaper:
After this sentence "The successful use of our platform is dependent on two groups of customers for whom we have built our services for." - five groups are listed. You may want to correct this.

Great suggestions guys, the post ad images are being almost done. I was under the impression a Newbie account couldn't post images.

Any help from the community is greatly appreciated!  Telegram is the primary communication channel: https://t.me/uahpay

Threads look less lively, maybe good pictures and designs are needed to make readers and investors more interested in this project.
Detailed information on whitepapers is not enough, as some people may prefer to read ANN only

hi dev...
do you need services to make your thread more interesting?
if you need PM me.. thx

Seems you need to update your post and add more information regarding UAHPAY project and all details about UAHPAY ICO as well