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That is not an argument against cryptocurrency though. The bank is going to equally ask you the source of the income/funds. If the fund comes from an exchange,

That is not an argument against cryptocurrency though. The bank is going to equally ask you the source of the income/funds. If the fund comes from an exchange, it came through an exchange -- there is paperwork. You have to declare any losses or gains from the currency or commodity exchange (depending on the country) to your tax agency. If you go in a back alley and change it somehow with cash you still need to declare the profit or loss for taxes. You of course could skip that but you could equally tax evade with cash or art and it would be less traceable. I don't buy any of this. They just don't want to say politically that cryptocurrency makes it harder for them to seize assets or apply bank controls. People in countries with uncertain futures or bank controls do hoard cash as is well known. And the banking system is known for assisting getting money to notorious and less than stellar organizations. https://news.ycombinator.com/item?id=17202827 https://news.ycombinator.com/item?id=17202827 https://news.ycombinator.com/item?id=19983153 https://news.ycombinator.com/item?id=19983153 (read first comments) https://news.ycombinator.com/item?id=12346437 https://news.ycombinator.com/item?id=12346437 (Just from a quick look at hackernews archives for expediency.)

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unfocussed_mike 5y ago
> The bank is going to equally ask you the source of the income/funds. Those would be be the banks that cryptocurrency true believers think they are going to be replacing entirely, though, right? It needs an entirely new legal framework. At any rate -- my (business) bank won't ask me the source of cryptocurrency funds. They will see that they are cryptocurrency funds and then permanently close my bank account.
- eftychis 5y ago
  >Those would be be the banks that cryptocurrency true believers think they are going to be replacing entirely, though, right? I am not sure how to answer here, as I am not sure what people want at times. I think I have the same question as you. Banks, like some other financial entities, unsurprisingly are more complicated than the average enthusiast wants to admit. >It needs an entirely new legal framework. I can't disagree there. I think we ideally want a different legal framework with or without decentralized currencies. The incentives are not aligned however (in my opinion). The illicit activities are too good and too profitable. > They will see that they are cryptocurrency funds and then permanently close my bank account. If I may ask could you communicate to me (discreetly or here), which region has that approach? In the USA and (some of) EU to my knowledge and experience that is not the case. You tell them where the money is from and they are happy. I hope that is not an impolite of a question.

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unfocussed_mike 5y ago

> The bank is going to equally ask you the source of the income/funds. Those would be be the banks that cryptocurrency true believers think they are going to be replacing entirely, though, right? It needs an entirely new legal framework. At any rate -- my (business) bank won't ask me the source of cryptocurrency funds. They will see that they are cryptocurrency funds and then permanently close my bank account.

eftychis 5y ago
>Those would be be the banks that cryptocurrency true believers think they are going to be replacing entirely, though, right? I am not sure how to answer here, as I am not sure what people want at times. I think I have the same question as you. Banks, like some other financial entities, unsurprisingly are more complicated than the average enthusiast wants to admit. >It needs an entirely new legal framework. I can't disagree there. I think we ideally want a different legal framework with or without decentralized currencies. The incentives are not aligned however (in my opinion). The illicit activities are too good and too profitable. > They will see that they are cryptocurrency funds and then permanently close my bank account. If I may ask could you communicate to me (discreetly or here), which region has that approach? In the USA and (some of) EU to my knowledge and experience that is not the case. You tell them where the money is from and they are happy. I hope that is not an impolite of a question.