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Have you been asleep because people are absolutely using crypto to move money internationally and legitimately. Governments, exchanges and banks have been worki
by trixie_ 5y ago
Have you been asleep because people are absolutely using crypto to move money internationally and legitimately. Governments, exchanges and banks have been working together to update the rules so that reporting is done correctly, that’s why we have things like KYC. Unless there’s a law that says ‘money must be transferred through banks’, please let me know
- Jensson 5y agoSo do you tell your exchange the identity of everyone you send bitcoins to and receive bitcoins from? If not you are committing a crime and can face huge fines and jail time, since your exchange don't know who the user is of every bitcoin wallet. And if you do tell them that then I don't see the point of bitcoins, as then it becomes even more centralized and controlled than bank transactions, and you can still face fines and jail time if they think you gave them the wrong information about the person you sent stuff to.
- trixie_ 5y agoYou should probably learn the rules yourself before trying to scare people with 'fines and jail time'. This isn't complicated. Reporting requirements are easy to follow and are pretty much the same as they've always been - https://www.irs.gov/individuals/international-taxpayers/frequently-asked-questions-on-virtual-currency-transactions https://www.irs.gov/individuals/international-taxpayers/freq...