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> Seems pretty clear to me that the American people do not believe money transfer systems without AML/KYC are a right that people have. Maybe it's just because
by notch656a 4y ago
> Seems pretty clear to me that the American people do not believe money transfer systems without AML/KYC are a right that people have.
Maybe it's just because of the area I grew up in, but nearly everyone I know that is from outside the city or government circles is strongly against AML/KYC. I'm nearly certain if you took a democratic vote of everyone in the US they'd vote against AML/KYC. Same goes for TSA, yet somehow they still exist.
- colinmhayes 4y ago80% of the country lives in urban areas.
- notch656a 4y agoThere's an easy way to settle this. Do 51% of Americans want cash to be legal? If so, most Americans believe in having a money transfer system without AML/KYC.
- __d 4y agoIn Australia, cash transactions of $10,000 or more must be reported to the government (AUSTRAC https://www.austrac.gov.au/ https://www.austrac.gov.au/). So ... cash can be anonymous, but only up to a certain point. Making multiple transactions of $9999.99 is possible, but it does invite perhaps unwelcome scrutiny.
- notch656a 4y agoThe US passed similar laws, but at the time it was passed was the year 1970, when $10,000 was worth, inflation adjusted, over $70,000 and more than the median household income. They used the fact that the majority might have been against these laws but too apathetic to stop it as it was such an incredibly high value compared to what much of the public ever hoped to have in cash savings, to deceive the public into accepting a non-inflation adjusted figure that slowly tightens the noose to ever smaller and smaller transactions (inflation adjusted).