Today I received a text and also an email message from my bank and it tells me to inform them about my nature of work so that I can comply with the new KYC requirements which had been probably revised by the central bank here in my country where I live. The central bank here by the way is open-minded about digital assets like cryptocurrencies because I guess that it makes sense to be lenient about its use for the reason that people can earn or invest in it and the money that they make in turn will be used to buy other things that they need or want and of course it stimulates the economy, it is quite a "no brainer" factor considering that digital assets and digital transactions are advantageous for both people and economy so that we can speed things-up with regards to earning, spending, business-making, transacting, and other financial benefits from digital assets to boost e-commerce in that regard for the benefit of many including those that wanted to make a business without worrying anymore for putting-up a physical store because of lack of budget, etc. where they can just advertise their business and or their products via social media like Facebook (Meta) market groups and get a level playing field about informing their potential customers so that they can sell faster compared to being unadvertised if they will just sell or make business traditionally without the use of such social media platforms which actually revolutionized on how business is done now here in my country or even worldwide for that matter.
In some countries, it is quite illegal to sell without permit and such but many people can't really start big, as most doesn't have a capital to start with and they should have something that they can use to advertise their business in order to get it rolling and rolling until their business goes bigger which will come to the point that they are already complaint and have a more established business in the process. So that is one of the benefits of advertising your business without paying advertisement fees on our day and age because we can use social media which can reach so much people as more people also depend on it on where to buy and sell if the want to do things in both ways. This is the e-commerce and now used by both small and big businesses for selling and paying for the things that are transacted online and it makes making business fast and convenient for both business owners and its customers. If you will use platforms such as online stores, both the seller and the buyer can get more protected with their money coming in to receive payments and going out to pay for a product in the customer side. Now people can easily buy and sell things that the want because of our digital age made to get boosted by using platforms such as social media and e-wallets as well as those that want to trade digital assets which only requires you to have or own a cryptocurrency which you can trade to either grow your cryptocurrency portfolio or convert your earning in the form of Bitcoin in particular and let it grown on its own without you doing anything because of the fundamentals of Bitcoin where it is deflationary which makes it more scarce and thus making it more expensive as time goes by which is an advantage if you want the value of your fiat money to get preserved and then earn bigger interests through time.
Well anyway, I already had emailed my bank about the nature of my work and told them that I belong to the informal sector category where I said that I am a content creator or blogger in a blockchain social media platform which I earn cryptocurrency from and I trade it for Philippine Peso which makes me a cryptocurrency investor and a trader. My bank itself also is very kind to cryptocurrencies because it is the very first universal bank owns a digital wallet app which allows customers to buy and sell cryptos and is authorized and licensed by our country's central bank to do so. It is the main bank which I put my profits into for getting cash which I use for my expenses. Aside from that bank I am also making use of other digital wallets to make me facilitate transfers and trades although I can also use my banks mobile app to directly accept my digital currency to convert it there for FIAT, I am just sticking to my own traditional way of transferring money from outside wallet to my bank account so that I can get more perks when I use other intermediary apps for perks and "mileage" in the form of credit score and financial standing history. There are many digital banks now here in my country and for one thing it really helps the economy because the transfer of money is faster which makes it more convenient where you do not have to go to the physical store to buy or the seller having to establish a physical store to sell for example and it saves time and money too. It is also working for me because of the nature of my work and the state of my health where I get the fair chance of making it big in life within the comforts of my home.
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