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Is it even possible ?

I am sort of new around the Cryptocurrency arena and we are gearing up to launch our own coins to support our app eco system.

Initial release of a set of coins is slated to be based on a bid system with a lower cap ( say 0.01 USD ) and an upper cap (say 1 USD). We want people in the wild (outside ethereum eco system) to buy the coins using credit card or transfers. So in theory someone who wins the bid will make a transfer of x amount to our bank account. We intend to release his/her account a set of custom coins in return.

Is this possible ? How will we write the solidity contract for this ?

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  • An Ethereum contract do not have direct access to the outside world. It can be done with an oracle, a third party which provide services to acquire data from outside of the blockchain and send them to your contract. So you need a payment processor that accept contributions in fiat and create the tokens in behalf of the users. But you should be aware that some countries have strict legislation for 'investments', if you accept fiat you should make sure you comply with the appliable law.
    – Ismael ♦
    Jul 16, 2017 at 5:21
  • @ismael where can we find this documentation on global legislations ?
    – Gautam
    Jul 16, 2017 at 5:28
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    There's no single legislation, each country has its own. If you follow some of the latest ICOs they forbid the participation of residents USA and Singapur. If you want to handle fiat you have to put a more serious work, contract lawyers, banks, create a company in a country with favorable legislation. It is really a lot of work.
    – Ismael ♦
    Jul 16, 2017 at 5:39
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    @Ismael can you move your comment as an answer .. I think it addresses my answer and more..
    – Gautam
    Jul 16, 2017 at 9:06

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The smart contract can be done using a third party service that can accept fiat money and it will create the tokens in behalf of the contributors.

But you should be aware that some countries have strict legislation to protect investors. If you accept fiat you should make sure you comply with the appliable law.

There's no single legislation, each country has its own. If you follow some of the recent ICOs they forbid the participation of residents in USA and Singapore. Because of their strict legislation.

If you want to handle fiat you have to put a more serious work, contract lawyers, a bank that understand cryptocoins or payment processor, create a company, likely in a country with favorable legislation. It is really a lot of work.

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