Buying through DID
buying ABT through did wallet, I understand that did wallet is not an exchange however we do have services in place where subscriptions can be purchased with stripe payments. Would it be possible to utilise these transactions by diverting the stripe transaction into ABT purchase to then be traded for services.
Currently: ‘stripe’ via FIAT to service
Proposed: ‘stripe via FIAT to ABT native to service
utilising this method would not only increase trading volume with each transactions but also encourage new users to hold ABT as could eventually be used as a method of purchasing ABT directly without the need for a CEX.
8 replies
Good idea!
Would be nice to buy ABT through the wallet 🤞
👀
Good news:
This is a great idea, and technically we can do it in no time, everything need is ready.
Bad news:
There are legal risks associated with this action, which is why we have not yet provided it.
It may be acceptable to sell ABT directly, but it will certainly not be possible to repurchase it, as it would technically constitute an exchange service.
So It’s not a technical issue rather a legal limitation, it’s grey area here.
--
To help understand the limitation by using a city analogy:
You can effortlessly establish and operate a business, such as a shop, where you can vend merchandise to patrons, receiving various forms of payment including fiat currency, other currencies, or even goods for barter if desired.
However, if you wish to engage in foreign currency exchange services or offer customers the option to withdraw cash using their ATM/credit card, you will be subject to additional regulatory oversight. Many stores refrain from offering such services due to the numerous legal complications involved.
One possible workaround is selling "gift card", e.g. a special NFT contains ABTs, so technically users are buying goods, but they can redeem the value from it, or use it in payments directly (like what you do with those store cards). Those need some additional works to make it happen.
great explanation🙌
Thanks for the detailed reply Robert, ah damn! thought I had a nailed on bounty reward with that, back to the drawing board. Guess we don’t see the legal side from our eyes from this level always. 👍🏼
Keep up and let ideas flow!