4 ms·
> any system that effectively allows decentralized peer-to-peer transmission of money is going to fail one or more anti-money-laundering laws I think you just
by JoshuaDavid 8y ago
> any system that effectively allows decentralized peer-to-peer transmission of money is going to fail one or more anti-money-laundering laws
I think you just proved that cash is illegal
- PeterisP 8y agoAnonymous transactions with large quantities of cash are illegal in most first world countries - there are exceptions for small amounts of cash, but in general, doing the same things as with Bitcoin with cash would also violate anti-money-laundering laws.
- CryptoPunk 8y agoThey're not illegal in the US, although legality is much less relevant now with civil forfeiture laws, which do a run-around on due process.
- PeterisP 8y agoIn US, if you receive large quantities of cash in some transaction, you're generally required to report the identity of the counterparty (e.g. form 8300 https://www.irs.gov/pub/irs-pdf/f8300.pdf https://www.irs.gov/pub/irs-pdf/f8300.pdf or others depending on line of business). Keeping that cash deal anonymous would be illegal.