earned KCs

Ask questions about your Kitely account or payment options
Post Reply
User avatar
Scurvy Ragu 2
Posts: 37
Joined: Wed Nov 14, 2018 9:02 pm
Has thanked: 0
Been thanked: 23 times

earned KCs

Post by Scurvy Ragu 2 »

Is there a way to cash in earned KCs like they do in other grids?
These users thanked the author Scurvy Ragu 2 for the post (total 2):
Ilan TochnerChris Namaste
User avatar
Ilan Tochner
Posts: 5835
Joined: Sun Dec 23, 2012 8:44 am
Has thanked: 3674 times
Been thanked: 3817 times
Contact:

Re: earned KCs

Post by Ilan Tochner »

Hi Scurvy,

Please see: viewtopic.php?f=35&t=1397
User avatar
Scurvy Ragu 2
Posts: 37
Joined: Wed Nov 14, 2018 9:02 pm
Has thanked: 0
Been thanked: 23 times

Re: earned KCs

Post by Scurvy Ragu 2 »

Let me rephrase... Why aren't we allowed to cash in KCs?
These users thanked the author Scurvy Ragu 2 for the post:
Chris Namaste
User avatar
Ilan Tochner
Posts: 5835
Joined: Sun Dec 23, 2012 8:44 am
Has thanked: 3674 times
Been thanked: 3817 times
Contact:

Re: earned KCs

Post by Ilan Tochner »

Because allowing you to do so would force Kitely to comply with a lot of very expensive registration and reporting regulations. It would also force us to keep a USD reserve to maintain KC liquidity. This is not something that we're currently set up to do which is why our TOS prohibit trading Kitely Credits or making Kitely Credits into an exchangeable virtual currency.
These users thanked the author Ilan Tochner for the post:
Moonrise Azalee
Candide LeMay
Posts: 3
Joined: Tue Oct 06, 2020 9:20 am
Has thanked: 0
Been thanked: 7 times

Re: earned KCs

Post by Candide LeMay »

Linden Lab has spun off their financial activities into a separate business entity named Tilia with the stated goal to be a service provider in the virtual currencies sector. Tilia handles buying and selling currency in SL and at least one other virtual world. I don't know if there's enough demand in Kitely for this but at least in theory all the legal compliance nightmare could be outsourced to them.
These users thanked the author Candide LeMay for the post (total 4):
Shandon LoringSnoots DwagonSelby EvansChris Namaste
Post Reply