Pretty certain a country (estonia?) did this back in the day... ended up being a AML headache they are now just cleaning up...
would be useful for KYC on exchanges etc, banks in europe/uk etc... but in the country itself? useless.
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Palau to offer Digital Residency via blockchain (NFT)
- Thread starter hkrlh1
- Start date
But would it, though? Would it really? Who's going to look at an NFT masquerading as an ID card and take it seriously?
I don't see it replacing presenting passport, in which case the Palau doc was kind of pointless.
Identity docs for purchase (including CBI/purchased passports) are often given a higher risk rating, as they are disproportionately used by people with a higher-risk background. Not necessarily criminal, just things that require extra diligence.
Didn't see that aspect, thought it was a ID Card, (they show a passport also) and a NFT.
It's both.
You're living the past lol. Plently of governments are adopting blockchain and NFTs in their systems. Zkrollups will be used for faster KYC.
Even Barbados is opening an embassy in the metaverse.
This.But still curious which exchange will implement it. However I agree with the issues a nft based Version will bring.
my guess is Binance, but this is an irrelevant problem for me personally, many exchanges have no KYC policies for a certain amount. Cashing out the money is the challenge!
I know how compliance departments work at financial institutions. I've seen how the policies and procedures are written. I've also seen how regulators and government bodies write and interpret the laws.
Just because some countries are "adopting blockchain and NFT", doesn't change the fact that identities have to be verified in line with modern AML laws and regulations. Both can be true at the same time.
But showing up with an NFT-based ID card (if accepted at all) is going to be considered of lesser value and higher risk than most passports. It's not just down to what your average crypto exchange accepts. Most of them don't want to do any KYC at all. But they are beholden to the same AML laws as banks, if they want to access fiat.
A update on this :
The first batch of benefits will immediately be available for the first wave of IDs that will be sent out?
For your reference: **The first upcoming benefits are: **Virtual address with a US zip code
Adopt a Meter - Utility bill proof of address Digital signature/certificate
**The next batch of benefits are: **
Registering e-Corporations, Join a Palau telecommunications network, e.g. phone number, Internet services, Purchase a private network (VPN) in Palau, Purchase and sell assets/property, Purchase insurance, Access to digital brokerage, Digital nomad accounting, Digital notarization, Address rerouting from Palau to home country.
I assume everyone gets the same Virtual address with perhaps a number added after.
I just wanna see it actual work. Because I doubt it can work with an obvious fraud utility bill
I expect my ID soon. I will post my experiences here.
Why do i feel this like a Money grab? looks like everybody and their moms are taking advantage of crypto NFTs and Metaverse Boom
I wanted to apply there, but how do we know, if rns.id is not a scam/fraud page? They (justifiably) ask for a lot of sensitive information (like a scan of your passport).
I could not find any link from an official webpage of Palau to rns.id.
I could not find any link from an official webpage of Palau to rns.id.
Yes that's the official page. It was literally advertised by the president and the government.
They had a high demand. The cards are still in printing phase. They should be shipped soon.
I guess it won't be much difference than a Dubai freezone address.
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