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Q4 – Q1 2023 Quarterly Update

 
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Rhyno said:
It’s international. You need a US bank to send to in your name in order to do a domestic ACH; it’s coming
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Though I'm placing no more funds into Kinesis until receiving satisfactory answers to a growing list of questions,,, For US investors ,Now that Kinesis has established a relationship with a US based Bank,
one could:
A. create an individual account with that bank (TD Bank?) and probably do Intrabank transactions (works witha credit union and 2 banks I use)
B. Look into utillizing Zelle, a very popular interbanking program
 
Rhyno said:
It’s international. You need a US bank to send to in your name in order to do a domestic ACH; it’s coming
Click to expand...
That's why many of us use the international Wise as a conduit. You get a US bank account in your name and they will carry out forex.
 
AmaLlulLa said:
Though I'm placing no more funds into Kinesis until receiving satisfactory answers to a growing list of questions,,, For US investors ,Now that Kinesis has established a relationship with a US based Bank,
one could:
A. create an individual account with that bank (TD Bank?) and probably do Intrabank transactions (works witha credit union and 2 banks I use)
B. Look into utillizing Zelle, a very popular interbanking program
Click to expand...
I love Zelle and it's extremely convenient. I'm excited about PLAID which is very very similar (and free) and can't wait for it, I use them both for other accounts.

Nothing pisses me off more than the fact I can't get money into Kinesis easily. Much of it is due to US regulations I assume, the same for purchasing KVTs, among other issues. No direct deposit (yet) but it's not easy to use which holds plenty of investors off for now.

I've introduced Kinesis to tons of people, and it's one of the first questions to come up:

- Do they have a (physical) debit card?
- Direct Deposit?
- Transfers with Zelle, Plaid, etc.

I always have to answer with 'not yet.'

I understand this is not solely Kinesis and they know what customers want, it's US regulation that pisses me off. I had to get a notarized letter from my attorney just to GET the KVTs owed from minting because US regulation is a joke. I respect Kinesis for playing the game, and they're going to get a lot more government bullshit from every country in the future.

I know I had a fuss about my wire transfer taking 9 days last week on here, but M1 Finance (a US brokerage) kept my money for the same amount of time due to anti money laundering laws.

My response is where are the responses to the multiple FOIA requests from the $22 trillion missing from the DOD and HUD? You're worried about $10k (or less) but not the $11 billion lost from FTX and SBF? Where's the girl from OneCoin that stole $4 billion? I miss a decimal point on my taxes and I have to go to an IRS office downtown for 3 hours for an audit, but government openly loses billions and no one bats an eye. It's all a bunch of bullshit.

I'm not mad or frustrated with Kinesis, merely the fact I can't do what I want with MY currency, which becomes more worthless by the day. It's always excessive fees, long waits, and a bunch of other BS.
Don't get me started on the 10% tax on gold and silver in my state (recently removed) but for a few years I paid $100 in tax for every $1000 in gold and silver, just because they could.

Just to wire money into Kinesis costs me $20 (from Ally Bank) + $15 as a Kinesis fee.

Traditional banks are a cancer on society, period. They will stop or hinder Kinesis in any way possible.

I guess the good part is that I trust Kinesis more than the fiat monetary banking system and anything along with it. I'd rather have my money there than in paper **** wipes.

Ok I'm done. Sorry for the rant.
 
Will said:
I have have not heard of any other LATAM countries that just passed Crypto Law that happen to have a Kinesis Vault already and have been the financial center for LATAM for 40 years. Ya its PANAMA 100%.
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Rhyno made this guess too. Thanks for the link!
 
Lozion said:
Just crossed into Panama from Costa Rica, first impression is that mobile payment is less common then in CR..

Working hard to get my VDC approved. Hope to try it here once OK'ed..
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A picture of you having a coffee with Martin Aguilar, paid with Kinesis VDC, would be great. Local/national newspaper time...
 
The other Panama papers aka the crypto law makes for some interesting reading. Here are some excerpts...

Article 31. Funds, fungible crypto assets and physical assets held on a trust basis. Funds,
fungible crypto assets and physical assets held by redeemable digital asset entities shall be
subject to the following regime:
1. Safeguarded funds, fungible crypto assets and physical assets are deemed to be held
on a trust basis by the issuer of the redeemable digital asset in the name and for the
benefit of one or more of its clients;
2. It shall be understood that said funds, fungible crypto assets and physical assets do
not form part of the personal assets of the issuer of the redeemable digital asset; and
3. Such funds, fungible crypto assets and physical assets may not be seized, encumbered
or attached or otherwise subject to any claims from, or actions by, the creditors of the
issuer redeemable digital asset, nor shall they form part of the assets of the issuer of
the redeemable digital asset in any insolvency or other similar proceedings.
 
Dante Roman said:
The other Panama papers aka the crypto law makes for some interesting reading. Here are some excerpts...

Article 31. Funds, fungible crypto assets and physical assets held on a trust basis. Funds,
fungible crypto assets and physical assets held by redeemable digital asset entities shall be
subject to the following regime:
1. Safeguarded funds, fungible crypto assets and physical assets are deemed to be held
on a trust basis by the issuer of the redeemable digital asset in the name and for the
benefit of one or more of its clients;
2. It shall be understood that said funds, fungible crypto assets and physical assets do
not form part of the personal assets of the issuer of the redeemable digital asset; and
3. Such funds, fungible crypto assets and physical assets may not be seized, encumbered
or attached or otherwise subject to any claims from, or actions by, the creditors of the
issuer redeemable digital asset, nor shall they form part of the assets of the issuer of
the redeemable digital asset in any insolvency or other similar proceedings.
Click to expand...


Article 33. Access to banking services and non-discrimination of Redeemable Digital Asset
Entities. The Board of Directors of the National Bank of Panama, by agreement of the
majority of its members, shall issue guidelines to facilitate the opening of accounts by
Redeemable Digital Asset Entities in the National Bank of Panama with a view to providing
said entities with access to banking services. These guidelines shall comply with the usual
requirements established by the Superintendency of Banks as the bank regulator.

The Board of Directors of the Superintendency of Banks, by agreement of the majority of its members, shall issue guidelines promoting access to banking services by Redeemable Digital
Asset Entities amongst all of the banks of the Panamanian financial center, taking into
account the need for competition and the interoperability of the Panamanian financial system
and the limitations imposed on banks by their correspondent counterparties abroad
 
Dante Roman said:
Article 33. Access to banking services and non-discrimination of Redeemable Digital Asset
Entities. The Board of Directors of the National Bank of Panama, by agreement of the
majority of its members, shall issue guidelines to facilitate the opening of accounts by
Redeemable Digital Asset Entities in the National Bank of Panama with a view to providing
said entities with access to banking services. These guidelines shall comply with the usual
requirements established by the Superintendency of Banks as the bank regulator.

The Board of Directors of the Superintendency of Banks, by agreement of the majority of its members, shall issue guidelines promoting access to banking services by Redeemable Digital
Asset Entities amongst all of the banks of the Panamanian financial center, taking into
account the need for competition and the interoperability of the Panamanian financial system
and the limitations imposed on banks by their correspondent counterparties abroad
Click to expand...

Article 38. Operation of Redeemable Digital Asset Entities by the Republic of Panama. The
Republic of Panama, through its authorities and entities, may engage in the activity of issuing
redeemable digital assets by obtaining the corresponding license, or by hiring a provider
holding said license for the following purposes:
1. To offer digital wallets to any individual and legal entity for the purpose of effecting
payments and trading crypto assets in a secure manner, incorporating and facilitating
the latest blockchain technologies;
2. To promote the financial inclusion and economic development of the inhabitants of
the Republic of Panama; and
3. To contribute to the achievement of the Sustainable Development Goals (SDGs) of
the United Nations.
 
Dante Roman said:
Article 38. Operation of Redeemable Digital Asset Entities by the Republic of Panama. The
Republic of Panama, through its authorities and entities, may engage in the activity of issuing
redeemable digital assets by obtaining the corresponding license, or by hiring a provider
holding said license for the following purposes:
1. To offer digital wallets to any individual and legal entity for the purpose of effecting
payments and trading crypto assets in a secure manner, incorporating and facilitating
the latest blockchain technologies;
2. To promote the financial inclusion and economic development of the inhabitants of
the Republic of Panama; and
3. To contribute to the achievement of the Sustainable Development Goals (SDGs) of
the United Nations.
Click to expand...

Article 39. Capabilities of the operation. Redeemable digital asset activities carried out by the Republic of Panama shall include the following capabilities:
1. Offering digital wallets to any individual and legal entity for the purpose of effecting
payments and trading crypto assets;
2. Tokenizing precious metals with blockchain technology, including, but not limited to
gold and silver, each token 100% backed by the physical metal;
3. Facilitating the conversion and exchange of tokenized precious metals, crypto assets
and scriptural money;
4. Facilitating the conversion and exchange of crypto assets for scriptural money, which
may include, but is not limited to, Bitcoin (BTC), Ethereum (ETH), XRP, Litecoin
(LTC), XDC Network (XDC), Elrond (EGLD), Stellar (XLM), IOTA and Algorand
(ALGO);
5. Authorizing the redemption of such tokens if desired by the customer; and
6. Ensuring the safekeeping, storage and security of precious metals in accordance with
applicable safeguarding regulations.
 
Dante Roman said:
Article 39. Capabilities of the operation. Redeemable digital asset activities carried out by the Republic of Panama shall include the following capabilities:
1. Offering digital wallets to any individual and legal entity for the purpose of effecting
payments and trading crypto assets;
2. Tokenizing precious metals with blockchain technology, including, but not limited to
gold and silver, each token 100% backed by the physical metal;
3. Facilitating the conversion and exchange of tokenized precious metals, crypto assets
and scriptural money;
4. Facilitating the conversion and exchange of crypto assets for scriptural money, which
may include, but is not limited to, Bitcoin (BTC), Ethereum (ETH), XRP, Litecoin
(LTC), XDC Network (XDC), Elrond (EGLD), Stellar (XLM), IOTA and Algorand
(ALGO);
5. Authorizing the redemption of such tokens if desired by the customer; and
6. Ensuring the safekeeping, storage and security of precious metals in accordance with
applicable safeguarding regulations.
Click to expand...

Article 40. Backing of tokenized precious metals. Precious metals tokenized on said platform
shall be one physically and hundred percent (100%) backed at all times by deposits in
security vaults which comply with international standards and are situated within the territory
of the Republic of Panama, or which, if situated outside of Panama, form part of an
international network of duly certified vaults. Said metals shall not be subject to any tax and
the value thereof shall be set by the market.
 
Dante Roman said:
Article 40. Backing of tokenized precious metals. Precious metals tokenized on said platform
shall be one physically and hundred percent (100%) backed at all times by deposits in
security vaults which comply with international standards and are situated within the territory
of the Republic of Panama, or which, if situated outside of Panama, form part of an
international network of duly certified vaults. Said metals shall not be subject to any tax and
the value thereof shall be set by the market.
Click to expand...

Article 41. The State shall promote the use of this platform within all of its institutions and
dependencies to facilitate the collection and payment of public services in general.
 
Dante Roman said:
Article 33. Access to banking services and non-discrimination of Redeemable Digital Asset
Entities. The Board of Directors of the National Bank of Panama, by agreement of the
majority of its members, shall issue guidelines to facilitate the opening of accounts by
Redeemable Digital Asset Entities in the National Bank of Panama with a view to providing
said entities with access to banking services. These guidelines shall comply with the usual
requirements established by the Superintendency of Banks as the bank regulator.

The Board of Directors of the Superintendency of Banks, by agreement of the majority of its members, shall issue guidelines promoting access to banking services by Redeemable Digital
Asset Entities amongst all of the banks of the Panamanian financial center, taking into
account the need for competition and the interoperability of the Panamanian financial system
and the limitations imposed on banks by their correspondent counterparties abroad
Click to expand...
Perfect. You couldn't ask for more.
 
Dante Roman said:
Article 38. Operation of Redeemable Digital Asset Entities by the Republic of Panama. The
Republic of Panama, through its authorities and entities, may engage in the activity of issuing
redeemable digital assets by obtaining the corresponding license, or by hiring a provider
holding said license for the following purposes:
1. To offer digital wallets to any individual and legal entity for the purpose of effecting
payments and trading crypto assets in a secure manner, incorporating and facilitating
the latest blockchain technologies;
2. To promote the financial inclusion and economic development of the inhabitants of
the Republic of Panama; and
3. To contribute to the achievement of the Sustainable Development Goals (SDGs) of
the United Nations.
Click to expand...
Yes, just as with Indonesia, for them it's all about their development goals and how it can benefit their citizens for both the short and the long terms. Perfect. Everyone benefits.
 
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Dante Roman said:
Article 40. Backing of tokenized precious metals. Precious metals tokenized on said platform
shall be one physically and hundred percent (100%) backed at all times by deposits in
security vaults which comply with international standards and are situated within the territory
of the Republic of Panama, or which, if situated outside of Panama, form part of an
international network of duly certified vaults. Said metals shall not be subject to any tax and
the value thereof shall be set by the market.
Click to expand...
"...not be subject to any tax..." !!!

Woo hoo! I've already got a Panama hat, so I'm pretty much a local. I just need my factor 500 sun cream to protect that blue Scottish skin and I'm all set. Being 20 minutes from Thiefrow makes it easy:
 

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