No KYC needed for Abra App

Abra the cryptocurrency trading platform famous for its easy to use mobile application is taking it up a notch. New registrations will not require the painstaking Know Your customer requirements.

Abra’s official mail about users not needing to complete KYC to store either BTC or US Dollars was circulated on the 24th of June.

Such a scenario is likely to encourage notorious traders to try to pounce on the new found freedom; however, the benefits outweigh the problems.

Not everyone has access to certain documents, especially in countries like Africa and Asia where money is needed to gain hold of important personal documents. In other words, bribery exists in even getting documents such as birth certificates. Thus these people are considered ‘unbanked’ as banks don’t give bank accounts to people without certain KYC documents.

The latest Global Findex Database by the World Bank released in 2015 that almost 2 billion people around the world are considered ‘unbanked.’

Abra is widening the range of demographics that can actively take part in the cryptocurrency trade.

However, not everyone has access to banks, even with the help of mobile banking. Many people don’t have any bank accounts due to restrictions either due to location or other factors are called the ‘unbanked.’

The latest Global Findex Database by the World Bank was released in 2015 and revealed that there are almost 2 billion people around the world who are classified as ‘unbanked.’