Cryptocurrency has long been considered to be linked to money laundering, drug dealings and many other illegal payments out there. Because of how it works and the elimination of the middleman (banks) most illegal dealings used this mode of payment due to its anonymity of transactions and also hard to track payments.
A number of governments are tightening their laws and this has been witnessed by the sudden wave in the late 2017 and early 2018 as most of eastern countries tightened their laws against cryptocurrency. Other banks in some parts of western countries also suspended accounts of users who were suspected of trading with cryptocurrency.
The sudden tightening of laws was also hyped as most citizens in western countries were easily evading taxes as cryptocurrency was is currently not regulated and tracking individuals’ trading is next to impossible.
This is where EUROPEAN CRYPTO BANK (ECB) comes in. A bridging gap between crypto traders, crypto exchanges and crypto traders.
Current Problem To Crypto Investors
The only way to converting crypto assets to traditional assets is through banks and banks appear very hostile and unfriendly, towards the Crypto Eco-Sphere
Solution
ECB, through the use of its existing KYC and Anti-Money Laundering (AML) software that has been in use for over 9 years by its business unit — Wealth Management Business, is determined to respond to the massive problem stated above in a proper way by offering a multilingual exchange platform.
ECB exchange will comprise of trading for both a numerous cryptocurrencies and FIAT such as US Dollars and Euros among other assets and the exchange will put in place and enforce strict KYC rules that require the user to verify all relevant ID and other KYC related information.
ECB through the provision of an easy to use one stop solution/platforms aims to introduce masses to Blockchain and Cryptocurrency services respecting the Law Tax Rules in their respective countries and by avoiding any case of Money Laundering.
ECB will use Artificial Intelligence (AI) will offer a large spectrum of services to investors including training to all beginners in their own mother languages — starting with English and French and broadening the scope as the project grows.
ECB platform and its services that are still in ‘beta’ is currently receiving an overwhelming response that they had to extend their team and increase quality control introducing the Customer Services Department as well. “This is one of the characteristics of a good and successful project though still in the ICO phase.
The whitepaper is clear with clearly set out and planned and project goals and timelines. The highly esteemed team behind the project with a wide variety of skillset better suited for the service offering hence the confidence built in investors that this project is bound to succeed and the take off will be exciting to both crypto gurus and starters. This is not just one of the many ‘sprouting’ ICO that are just there to fork out investors money yet fail to launch or abandon further development after launching.
Below are the project links for more information;
Website | Bitcointalk ANN | Whitepaper | Telegram | Facebook | Twitter | LinkedIn | Medium