Bitcoin, Crypto currency, Blockchain

“We have no plans, KYC introduce” – LocalMonero co-founder in this Interview

f100eb74e4ddd70a26fda03da6d15caf - "We have no plans, KYC introduce" - LocalMonero co-founder in this Interview

Until recently, local bitcoins in the marketplace for easy purchase of Bitcoin. However, the platform introduced recently Know Your Cusomter guidelines. LocalMonero is the counterpart to the anonymous crypto-currency Monero. In line with the privacy of the currency also LocalMonero are not asking for any authentication of the customer. BTC-ECHO has taken the LocalMonero co-founder Alex in the Interview, and to him the important questions.

The History

How was it that you founded LocalMonero?

The Desire to start LocalMonero, arose from the fact that the Monero Ecosystem could have a good Gateway between Fiat currencies and Monero – a Gateway that does not require a Know-Your-Customer Etiquette; a Gateway, which is essential in peer-to-peer.

So it was, until Recently, so that was the main advantage of local bitcoins is that you don’t need to go through the traditional Path. Instead, the people can select their preferred payment method with Bitcoin trading. We wanted the same thing to create for Monero. Furthermore, we believe that this is very important for Monero, the crypto-currency puts the focus on privacy. We believe that a Peer-To-Peer-over-the-counter-market to Monero fits. Finally, we have seen a gap in the market and filled it.

What was to date the biggest challenge? And how did you overcome?

I think the biggest challenge is to win the confidence of the users – this is for all crypto-businesses. It creates this by giving his Best at work: customer Feedback we are trying to implement, for example, as quickly as possible. We answer the Tickets as fast as we can. We are very active on Reddit, Twitter and other social networks. In addition, we try to capture where we are mentioned to be as responsive as possible. Ultimately, we believe that we can win with our commitment the trust of our users.

LocalMonero there for over half a year – I think this is now the seventh or eighth month that we are online, and the Community trusts us now. The initial lack of confidence to overcome by doing the customers consistently good and anyone in the lurch. I think we have done a good job. Of course, we want to lead in the future.

Currently the company is based in Hong Kong – what are the reasons? Are you tied to the place?

We are located in Hong Kong, because we are actually physically in Hong Kong. Apart from that, Hong Kong is a great responsibility. For the readers who don’t know that yet: Hong Kong and China are separate zones, and have completely different legal systems. Of course, a certain dependence on the military protection, however, Hong Kong has its own Parliament and independent judges. Hong Kong is in some ways democratic, and simply offers a different economic playing field than China. Even the borders are controlled, if you put a – or leave. In other words, Hong Kong is one of the most free economic areas in the world and has an excellent environment for companies.

Against this Background, and the fact that we live here, our decision on Hong Kong to call LocalMonero. It is convenient and easy to start a company. To the contrary, there should be signs of hostility towards crypto-currencies, we will move immediately. In short, We have struck no roots and are able to establish our legal entity to a different location – even if we remain physically in Hong Kong.

KYC is for LocalMonero not an Option

In view of the recent demand from local bitcoins, according to the customer identification (KYC), plans to LocalMonero to initiate similar steps?

We have to integrate no plans, Know-Your-Customer guidelines. In addition, we have no legal obligation to do so. Should we ever fall under legal pressure, will be our first reaction, after a other area of responsibility around, rather than our customer KYC. Because of the Know-Your-Customer requirements and slow us down and the customer and create unnecessary costs. Especially for a young, growing company like ours, these costs are to be fatal. Therefore, we prefer, no KYC, provided that this is legally possible. I think that it will give to the world is always a place for LocalMonero. We trade currencies with Fiat, but only offer a platform for customers to post their own Ads. Furthermore, we offer our clients Mediation and Escrow services. Since we do not deal with Fiat, I don’t think the KYC/AML-apply to the pads for us.

Local bitcoins calls for the identification of the customer, because they have in the European Union (in Finland) their Headquarters. Just viewed the EU crypto-currencies is critical and calls for Know-Your-Customer processes. Local bitcoin in this compliant be. LocalMonero, however, is not in the EU but outside of it. If we ever get in such a Situation, we will move on – as already said – simply. We can so often change clothes, as it is necessary and our priority was always to Avoid the KYC policy. We want to work as smoothly as possible and KYC costs are – in our eyes is harmful for the business.

I don’t think that is a fundamental Problem, that the regulators understand the sector. Since there are many nuances and is not the answer for everything. Unfortunately, it is often the case that companies not classified as real. LocalMonero is not with Fiat money, but provides a platform. Consequently, this is a Peer-To-Peer market and the duty of Due Diligence falls on the individuals in the different areas of competence. That is not our responsibility.

So specific to LocalMonero I would not Worry to KYC.

What brings in 2018, depends on the market

What are your plans for 2018?

Our plans for 2018 are strongly market-driven. If we are in a bear market – is what seems to be currently the case – will remain our priority, to simply stay alive. In a bear market, the trading volume sinks, and the affect our financial capabilities and thereby our ability to grow. So: If the bear market persists, we will try to stay above water, our previous services to continue to provide and integrate new functions.

If 2018 is a bulls-year, the trading volume and number of Exchanges continues to rise – we have significantly more resources for Expansion. So that we can invest more in Marketing; either with local events or trivial Online Marketing. Apart from Marketing our own businesses, we believe that we have a responsibility to the Monero Community, to spread Monero in the world.

Everyone in our Team is a big Fan of Monero and believes that the world deserves a digital, decentralized, private currency. This could be the next step in the Evolution of money. This technology will change the world. I would like to not be pathetic sound, but the way each a completely digital and private to pay and the sovereignty of their own money to keep, there was never on this scale. The more people are getting Wind of it, be inspired and talk about it, the faster will be the to normal – the cash of the information age. At the moment this is a plain idea, even if we have seen a massive Boom in the popularity of crypto-currencies and Blockchain projects. Only a very small part of humanity had already been in contact with this technology.

What we want is that much of the developed world crypto used currencies. And of course, the crypto-currency to be used, Monero is – when it comes to a currency to replace the Fiat system. The money must be private. If the success and the development of Monero just as in the last few years, is it definitely the dominant crypto-currency. Of course, one of the many competitors could do everything better than Monero, however, we believe that Monero is the best choice.

We the Community want to give something back by increasing the visibility of Monero. That is, we want to globally organize local Events, and rival humans Monero Evangelist. For this we need more resources and the market needs to be gracious to us. Currently, the market is rather slow.

Leave a Comment