Neluns is focusing on making life easier for all cryptocurrency adopters especially the long-term investors who seek banking services on the blockchain. The mission of Neluns is to connect the cryptocurrency market to the traditional financial market.
Cryptocurrency and Governments
The cryptocurrency age we are in suffers a lot of disadvantages which invariably limits its wide adoption greatly. Every day, for all cryptocurrency enthusiasts, is a news of the how the government regulations play an adverse effect on the crypto world. One of the major reasons is that cryptocurrency is created to be without government, so governments have a serious challenge with that. Another is that cryptocurrency is not considered an asset that can be taxed because it doesn’t relate to any physical structure. A person can be in the comfort of his home and acquire any cryptocurrency of his choice without going through any sort of regulation, long processes, and paper works.
Government Regulations – Traditional Banks
In a bid to mitigate the risks or disadvantages that come with interacting with cryptocurrencies, government policies and regulations have been put in place to be adhered to by all cryptocurrency adopters. One of these is the SEC regulations for tokens which are considered ‘securities’. Though there is still a large disagreement on a very large number of tokens today as they cannot be considered securities because they couldn’t meet up with the requirements. Bitcoin, being the father of all cryptocurrencies, isn’t considered a security coin thus cannot be regulated. Anti-Money Laundering and Know Your Customer policies are some of the other regulations put in place by governments to ‘cub’ the ‘negative’ activities of the crypto world. The Anti-Money Laundering (AML) in effect will not allow banks to authorize the movement of a large sum of money from or into any cryptocurrency related accounts, else it could lead to freezing or closure of the account.
This affects long-term cryptocurrency investors as they cannot freely move funds from the cryptocurrency markets into the traditional banks. To make it worse, government regulations vary widely from country to country. People who want to join in the adoption of cryptocurrency seeing its advantages are limited because of such regulations.
Conversely, there are no adequate banking services on the blockchain. Banking services should include being able to get loans, insurance, interests on savings, SWIFT codes (for ease of sending funds across the universe), SEPA (for the EU), etc.
Aside from the limitations mentioned above, that is faced by cryptocurrency ecosystem all over the world, cryptocurrency is not spendable directly for day-to-day activities like shopping online, paying bills and utilities, etc. Though there are a few solutions rising daily on the blockchain, they are still not enough to serve the entire blockchain ecosystem.
What does the Cryptocurrency enthusiast need?
The cryptocurrency world needs a solution that will, in essence, put an end to these limitations. To put it right- A cryptocurrency bank that can link the cryptocurrency ecosystem with the traditional market.
Though there are very few solutions on the blockchain that can handle such, one of them is the Neluns. Neluns is focusing on making life easier for all cryptocurrency adopters especially the long-term investors who seek banking services on the blockchain. The mission of Neluns is to connect the cryptocurrency market to the traditional financial market. There are the Neluns Bank and Neluns cryptocurrency exchange to put an end to the days of struggling for all crypto enthusiasts or investors. This article will be focused on the Neluns Banking solution.
The Neluns bank will allow, its users, to enjoy all benefits of the traditional banks with the ability to safely and securely store all cryptocurrencies not forgetting the pecks/benefits that comes with savings (which is interests on savings). Neluns will provide multi-currency savings accounts for businesses and individuals. Users will be able to save USD, EUR, GBR, in one bank account. This same bank account for all users can hold all their cryptocurrency assets. Each registered user will have International Bank Account Number (IBAN) with SWIFT codes and SEPA (for EU countries). This is truly a global crypto bank.
Through the Neluns android and iOS app, users can easily send and receive funds, get loans, make exchanges, etc. Neluns will also issue its bank card to enable all users to spend their funds for day-to-day activities.
Neluns as a bank will work in accordance with all government regulation to secure all users.
I am interested in this project and I will surely be on the lookout for its implementation. This is what the crypto verse needs.
As a known truth, one of the major reasons why users are having great issues with the cryptocurrency exchanges is because they are unable to verify their identity. Cryptocurrency exchanges also need this verification to comply with government bodies to prevent account closure. Neluns simplifies the verification processes with the 3-level verification to enable all interested adopters of the technology to have a taste. The First is the verification by email which puts a limit of $300 maximum trade sum for the account. The second is the social network and mobile number verification which puts a limit of $500 maximum trade sum. And the third is the Identity and Mobile number verification with no limitation.
Note: All images not sourced are from Neluns Whitepaper and website.