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earned KCs
Posted: Wed Mar 31, 2021 5:12 pm
by Scurvy Ragu 2
Is there a way to cash in earned KCs like they do in other grids?
Re: earned KCs
Posted: Wed Mar 31, 2021 6:38 pm
by Ilan Tochner
Re: earned KCs
Posted: Thu Apr 01, 2021 11:06 am
by Scurvy Ragu 2
Let me rephrase... Why aren't we allowed to cash in KCs?
Re: earned KCs
Posted: Thu Apr 01, 2021 12:52 pm
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.
Re: earned KCs
Posted: Thu Apr 01, 2021 4:17 pm
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.