One of the major problems of cryptocurrencies is their bad reputation as a facilitator of illegal activities. The operations and legal structures of many crypto payment services are also often lacking in transparency. The LightCash project is hoping to help overcome these negative impressions by becoming the first-ever fully legally compliant exchange for cryptocurrencies and fiat money, and its internal crypto coin (LCSH) is backed by real gold.
LightCash users can use the platform for fiat and digital money exchange with low commissions, as well as send payments and initiate SWIFT and SEPA money transfers. There is also an internal exchange for investing in Top-100 cryptocurrencies. Users can also open cryptocurrency deposit accounts and earn interest.
Two significant features of the LightCash project are transparency and full legal compliance.
“To ensure that all operations are in compliance with local, national, and international laws,, additional licences will be acquired by LightCash from the International Financial Services Commission (IFSC) in Belize for money transfer services, payment processing, financial and commodity-based derivatives trading”, — says LightCash CEO Vyacheslav Vokin. — “As a result, our service will be fully compliant with international laws.”
To ensure the stability of the LightCash system, an additional cryptocurrency with low volatility will be released, LightCash Crypto Gold (LCSH), which will be backed by real gold mined from precious metal deposits in Russia.
The LightCash project has already acquired infrastructure for gold mining and processing. The company owns an alluvial gold deposit in the Amur Region of Russia, and has obtained the necessary permits and license required to operate a gold mine on the site.
Currently, however, the company’s gold mining and processing capacities are not at full capacity. To fully take advantage of this surplus capacity, and to operate more efficiently, the company will acquire an additional gold deposit. Funding for such an acquisition will be raised by LightCash in an ICO scheduled to begin in early March 2018.
Additional information about the LCSH cryptocurrency, licenses, gold deposits, and the LightCash ICO can be found on the project’s website.