projects that promised to compete in the banking system or become a bank on the blockchain showed that this is unrealistic. im think this project will achieve similar "success". the reason is all the same regulators who are pressing and the legislative framework that is not ready to make such a decision.
We are not planning to become a "bank". We do not like traditional banks (and I can say that as an insider since I worked for banks for 10 years!). We leverage the characteristics of the blockchain to perform banking functions. Regulators and/or legislators ignorance or inefficiency is not a valid excuse when changing the world is on the scale.
Agreed, IUNO is different than the rest (I am sure you have heard that before) but it is actually true. We are not a bank but we are offering traditional banking services on top of your decentralized wallet - think of it as Banking-as-a-Service. We are simply implementing banking features to be used out of your crypto wallet. Unless cryptocurrencies are outlawed in their entirety regulations won't affect our approach to banking-as-a-service. For the areas that require banking licenses or money transmitter licenses we will obviously procure those licenses, but many of the services that we are offering do not require additional licenses. We chose very carefully where to incorporate our business and we decided on the US, because of the stringent regulations here that will allow us to build a serious business that will actually revolutionize banking as we know it.
Another very important point is that our first main target client to use our platform is the US Government with their foodstamp program (SNAP). We carefully designed our system and our processes to be compliant with every regulation and restriction in the US to be able to compete in this market