BioMike wrote:I don't get that. If you call the credit "krone" and one of those has the value of 1 krone... how would that be different? Just a different name?
The credit thing is a technical. The bank that will handle the exchanges bank account does not want customers to have a direct claim on the bank account, only the company that owns the exchange has a direct claim to the bank deposits. This is the reason that when someone deposit into the exchange they are buying credit on the exchange called ISK for Icelandic kr. Then when you want to withdraw your exchange credit (ISK), the customers are acutally selling the exchange credit (ISK) for Icelandic kr.
BioMike wrote:An other thing that surprises me is that there are no money laundering regulations? Your exchange could be used for that, none of the authorities mentioned that?
The exchange will comply fully with all money laundering regulations. The only way to deposit into the exchange is via a local bank where the costumers credentials are checked against a government social ID system that verifies them. When customers wants to withdraw ISK it can only go into a local bank account with a matching social ID. So the origin of all ISK that will go into and out of the exchange will be checked by the local banking system.
The exchange will also comply with the Financial Authorities, the police or the Central bank if they want information on individual customers, if they are investigating money laundering.
BioMike wrote:Would it be possible to trade on your exchange, even if you never withdraw any krones? (For people from abroad, to just do trading)
To begin with the exchange will limit customers to customers with a Icelandic social ID and a Icelandic bank account. You can be a foreign resident and get a Icelandic bank account and a social ID. If you send USD via swift, sell it for ISK and deposit it into the exchange you can.
Perhaps we will consider opening the exchange up for anyone to trade AUR/ISK but limit withdraws in ISK to customers with Icelandic social ID and an Icelandic bank account.
"Lost coins only make everyone else’s coins worth slightly more. Think of it as a donation to everyone". Satoshi Nakamoto