MyEtherWallet (MEW), cryptocurrency wallet in partnership with crypto finance organization Bity is launching a podium to switch cryptocurrency to fiat deprived of Know Your Customer (KYC) necessities. The wallet proclaimed the news in a blog post issued on Feb. 20, Wednesday.
According to the declaration, consumers of the MEW V5 wallet have the access to exchange up to 5,000 Swiss Francs ($4,995) valued Bitcoin (BTC) and Ethereum (ETH) to euros and Swiss francs deprived of going through KYC necessities inside the wallet. Customers can supposedly make the exchange from anywhere in the world.
The KYC procedure permits organizations to authenticate the identity of their users before or during trading with them. Also, businesses can evaluate whether their users are comprised in illegal actions like corruption or money laundering.
And to practice so entitled “Exit-to-Fiat” choice, users have to select the fiat currencies and target digital in the wallet dashboard. Customers will further be questioned to offer some personal data, comprising their banking details, phone number, official name of their bank account, and the billing address required for compliance objectives.
Increased privacy and anonymity of digital currencies have always been associated by the governments and regulators to illegal activities and the probability of money laundering. In January, the Cyberspace Administration of China (CAC) launched new guidelines for blockchain organizations that are functioning in the country.
Also, the CAC guidelines necessitate blockchain startups to permit authorities access to gathered data, and to launch registry processes that would need ID card or mobile numbers from its consumers. Furthermore, they will be grateful to oversee content and censor detail that is restricted under present Chinese law.
During April 2018, Amazon Technologies, Inc. attained a patent for a streaming data marketplace that would allow the confluence of various data sources, thereby permitting the real-time detecting of digital currency transactions and the consumers engaged in. This would basically head to the de-anonymization of transactions comprising Ethereum, Bitcoin or any other non-privacy digital currency.