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Selling CrytoCoins that have no benefit other than to facilitate trade is not illegal. It fact this practise has been going on for a lot longer than Crypto!
Several long established businesses online and off have allowed people to purchase credits or gift certificates using currency in every economy across the globe, which can be later redeemed for goods or services.
Legally, a problem occurs when a return is offered for the purchase and the coins effectively becomes a security or collective investment as far as most jurisdictions are concerned.
ThePeopleCoin will be sold as a medium of exchange which is not secured against anything and are literally worth what people think they are worth, basically no different than selling store credits or gift certificates.
The major problem, however, is how can the possible income that we want to give away be legally stuctured so as not to run foul of the law in any jurisdiction.
Once a PeopleCoin has been sold to an individual as a medium of exchange, 100% of any money that has changed hands now belongs to the seller.
What is done with any money that changes hands when PeopleCoins are initially traded is up to the seller. If the seller intends to purchase properties and rent them out in return for a share in the profit of any business operation that uses them, then so be it. If any surplus income derived from the equity rental of purchased properties is given to individuals who have used their PeopleCoin for trading purposes, then technically there is no legal reason why this can not be done, provided the law regarding the disclosure of any gift is adhered to within an individuals country of residence.
In order to overcome the remaining legal challenges we are facing regarding the intial allocation and subsequent releases of the People Coin, instead of purchasing properties directly, funds will instead be used to purchase NEXO Tokens – The World’s First Instant Crypto-backed Loans platform.
This will allow for instant fixed rate loans, currently upto $2000000, to be taken up to aquire the properties required. This is twice our initial People Coin allocation so we should be good for a while. NEXO is looking to increase this maximum loan amount in the not too distant future.
NEXO has more credibility than anything out there given its location and regulatory compliance. This is a fantastic new direction for the People Coin and givs us some major advantages with little or no risk.
If the value of NEXO Tokens increase, then so does the amount that we can borrow to purchase more property. If the value of NEXO Tokens decreases by a pre-determined amount, our position is automatically liquidated and any outstanding loans are reduced to zero, effectively leaving us with the property without any encomburence.