Getting an e-wallet
Getting an e-wallet has not been as easy as I had hoped. I wanted to dive headfirst and get a wallet set up with a balance. There have been some unexpected and expected surprises and considerations.
1. This app is not available in your jurisdiction.
For anyone living in the Caribbean, at least certain countries within the Caribbean, you understand my pain. Quite often, I’ll stumble across an exciting and valuable app. I’ll run for my phone, figuratively as it’s usually in my hand, and immediately search for the app. Sadly, those fateful words pop across the screen, and worse, the words are often in red. It’s frustrating because research doesn’t always indicate whether or not the app would be available in my jurisdiction until after I’ve “fallen in love” with the app.
2. Regulatory Silent Oversight
Currently, a significant number of jurisdictions find that their legislation is silent, vague or unclear about engaging in digital assets and currencies. Generally speaking, if your legislation is silent on the permissibility of digital assets, most providers of e-wallets and trading platforms will restrict the usage of their app or acquisition of any assets.
3. Bankable Profits
Provided that it’s evident that engaging is legally permissible, it is not always possible to deposit proceeds if the underlying asset is not recognisable. Quite a number of countries have allowed for the engagement of digital assets. Sadly, it may not be bankable assets. Further, proceeds may not be accepted by the bank, given the source of the funds.
4. Product and Service Restrictions
If you’re lucky enough to set up a profile on your e-wallet app on your mobile device, you may find restrictions based on your location. I’ve set up about four (4) different e-wallets. I won’t be able to buy yet as most providers confirm prohibition from buying and selling.
Ultimately, it’s all connected to the regulatory framework established to support or restrict digital currency and assets.
Despite the above, as mentioned, I’ve downloaded quite a few e-wallets and continue to familiarise myself with the apps.
More to come on my adventures with e-wallets.
