Hello India!
Actually BTC is an anonymous currency. I'm right?
Then why should i verify myself to exchange BTC to INR? In all exchanges (here i'm mentioning india only and i don't know about other country's) why should i give PAN number? If BTC is anonymous, then no need of verifying my identity by KYC right?
~Rude Boy
Actually BTC is an anonymous currency. I'm right?
Then why should i verify myself to exchange BTC to INR? In all exchanges (here i'm mentioning india only and i don't know about other country's) why should i give PAN number? If BTC is anonymous, then no need of verifying my identity by KYC right?
~Rude Boy
The KYC is not for BTC, but for Fiat in most cases.
Since the transaction will handle INR as well, regulations related to Fiat need to stay on record.
This would not be the case in a crypto-crypto exchange, even in India.
Thank you Benson. This is very enlightening.
Hypothetically, if a commodities exchange or stock exchange were to use BTC instead of fiat, would stringent KYC norms still apply?
If the commodity in question comes under a regulated field, I assume that it would be the same as Fiat.
