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So are you suggesting that a fundamental property of any workable currency system is the ability for the government to track and control where every unit of cur
by dedward 16y ago
So are you suggesting that a fundamental property of any workable currency system is the ability for the government to track and control where every unit of currency goes and how it is used?
- illumin8 16y agoNo, I'm just stating a reality of the banking and financial systems. If you want to receive wire transfers, you need to be a federally licensed financial institution, and therefore subject to regulation. Those regulations say you must report all activity that meets certain patterns (ie, certain dollar amounts, suspicious transactions, etc). So, by default all money transfers are monitored by the government. If you want to turn bits into currency (ie wire transfer) you need to pass through a federally regulated entity to do so.