Pi Network: KYC not for all pioneers? important update on KYC as mainnet draws near

Know Your Customer (KYC) is a key issue of concern in any organization that does legitimate business, especially where regulations or constitutional provisions demand such. One of the fears of many Governments where crypto is viewed as an illegal business is the lack of a central regulatory authority. This has made governments turned to Central Bank Digital Currency (CBDC) which is controlled by a central authority.

Pi Network is one of those few Organizations that considers KYC a mandatory process for all of it’s users. Taking this into account, many pioneers have become so disturbed as many who started mining more than a year ago are yet to be invited for KYC. It is also true that mining Pi may stop except otherwise revised by the Core Team after the launch of the Mainnet, and those who haven’t done KYC before the mainnet may also be exempted from trading on Mainnet Blockchain, that is if their mined Pi is not burnt.

There is every reason for any pioneer who is yet to do their KYC to be worried because their efforts and commitments of many months may amount to nothing if they’re not KYCeed.

KYC is Randomized

Pi Network has over 35 million active users. To be transparent and a unique approach to solving the KYC problem, the Pi Core Team has opted for a randomly selected users for it’s KYC. This way, every pioneer has equal chances of getting KYCeed before the launch of the Mainnet. But on the other hand, adopting randomization for KYC could also mean not everyone will be KYCeed.

KYC is strictly by invitation

Pi Network has also adopted another strict approach for KYC which is only by invitation. Unlike other crypto trading platforms like Binance, Coinbase and even crypto.com where KYC is done at any moment during the registration process. If users are not invited, they can never be KYCeed on the Pi Network platform.

Recently, we’ve heard on social media platforms that,mass invitation for KYC will be rolled out soon but the exact time and date is not known. In view of the growing concerns for KYC which some of the issues bothering primarily on failed KYC or pending KYC, moderators in the Pi-chat-room have attempted to explain why there were issues. A moderator, @GodofThunderMjolnir gave his opinion as captured in the screenshot below.

Conclusion

As much as KYC is necessary, we do not have control over it neither are we allowed to request for it. Newsway is however on the opinion that countries where financial security has mandated account holders to have a unique identity, such identity should be used for KYC. Example, all bank account holders in Nigeria have an 11 digits Bank Verification Number (BVN) which platforms like Binance also accept for KYC verification. BVN is the most secured and authentic way to perform KYC in Nigeria.