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This makes using crypto so unworkable that it practically makes every user with large amounts a criminal. Well, based on the author's implications, not on the q
by ajkdhcb2 5y ago
This makes using crypto so unworkable that it practically makes every user with large amounts a criminal. Well, based on the author's implications, not on the quote that just indicates it is payments to a business
- munk-a 5y agoMandatory reporting laws don't make all reporters criminal - they exist to combat money laundering and, honestly, due to the difficulties in tracking money laundering this is one area where "The innocent have nothing to hide" is much less terror inspiring. Whenever you make large purchases with cash these laws also kick into effect - it's just usually that the consumer isn't the one the government is relying on to do the reporting. Generally vendors (like car dealerships) and financial institutions (like banks) will carry out the burden of reporting. In the case of crypto currency (similar to the case of cash gifts) this reporting needs to be handled manually. Edit: Also excuse me - it looks like this will only apply to businesses in the current iteration - sorry about any confusion!
- ajkdhcb2 5y agoI mean that the manual record keeping and reporting is completely infeasible. Some traders I know in USA end up with hundreds of pages of records
- munk-a 5y agoI think that's a fair point, but, to contrast, most average folks will end up with maybe 6-12 transactions over their lifetime that result in mandatory reporting requirements. Largely depending on how many cars they purchase plus maybe four from buying a house, renoing the house, retiring to a smaller house and then passing away.
- tehwebguy 5y agoBusinesses file 8300 forms, not customers. The cost will still trickle down to customers but they won't suddenly be required to fill out these forms.