1 thought on “What does PI Coin KYC certification mean?”

  1. The identity verification of PI coins KYC refers to the identity verification of PI currency community members, which is also aimed at the identity authentication of global PI currency users. According to PI Network, KYC certification does not charge fees. But for now, only the selected pioneers can obtain KYC certification for free. The main reason is that the KYC solution of PI Network is incomplete.

    KYC is like a personal user file information, such as real names, telephones, documents, property status, and so on. Just like when we go to the bank to open an account, we need to fill in a lot of personal information. This is KYC, the bank is understanding his customers. KYC is necessary for corporate management to protect its own and users' property security and meet the regulatory requirements of government departments.
    Is all know that cryptocurrencies have the characteristics of decentralization, and also have an anonymous characteristics. To some extent, they are back with KYC, and cryptocurrencies are not subject to government supervision and legal constraints. The requirements for KYC are not so strict. But in the past few years, there have been frequent fraud, running, and stolen accidents in the transactions of cryptocurrencies. There are also illegal behaviors such as cryptocurrencies for fundraising, money laundering, and drug trafficking. Therefore, driven by governments and financial regulatory authorities, KYC has gradually become the rules that cryptocurrency exchanges must implement. So now, there will be KYC certification when you are registered on the cryptocurrency exchange.
    KYC is an indispensable link in all financial activities in the international community. It is mainly used to prevent criminal acts such as money laundering, identity theft, and financial fraud. The three elements required for general verification are names, ID cards, and mobile phone verification.
    pi network By introducing the KYC certification mechanism to build an authoritative identity authentication system to ensure the true identity of each user on the chain, and to ensure the privacy of the user.
    has three meanings for KYC
    The first, ensure community value
    In the field of blockchain, real -name systems are required in all aspects of digital asset circulation, which is the general trend. Select the real participants of the community through the real -name system to avoid the generation of false big data, which will greatly increase the value of the community.
    The second, should be at the level of regulatory supervision
    The blockchain field is relatively chaotic, and the regulatory authorities will not always ignore it, and will inevitably formulate rules for supervision. Pi Network is legal and compliant. For the healthier development of the PI network, PI will not face the regulatory risk of excessive false users when regulatory supervision.
    The third, protect personal assets
    property rights must be constrained and regulated by law, and they are also protected by law. Only by adopting a real -name system can we ensure that the assets are not violated.
    This from three aspects: community value, blockchain supervision and asset protection, choosing KYC real -name authentication is the only way for the healthy development of the blockchain network. By the way, I also remind everyone that when you dig PI coins, just one account. Because even if you open more accounts, when KYC real -name authentication, you can only certify one account. So don't open too many avatars to help you mine, because this is futile.

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