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You could have an old school exchange where people go in person to shout bids and offers and settle with briefcases full of $100 bills. Those can be used to pay
by im3w1l 4y ago
You could have an old school exchange where people go in person to shout bids and offers and settle with briefcases full of $100 bills. Those can be used to pay accountants, utility bills and property taxes.
- Rufbdbskrufb473 4y agoIt you live in a big city, it's easy enough to find someone to meet in person and exchange crypto for $1-10k cash a few % below the market rate. Some will even pay above market rate if you can do $100k+.
- ed_elliott_asc 4y agoFacilitating (likely) money laundering isn’t really a great idea
- JumpCrisscross 4y ago> it's easy enough to find someone to meet in person and exchange crypto for $1-10k cash a few % below the market rate. Some will even pay above market rate if you can do $100k+ In case anyone is wondering, this is money laundering, and if you wind up with the wrong person on the other side, getting arrested and charged is among the better outcomes.
- FateOfNations 4y agoAt least with respect to US federal money laundering laws (18 USC 1956, et seq.), there needs to be “specified unlawful activity”, as defined, involved for it to be money laundering. Running a legal porn site isn’t illegal.
- codetrotter 4y agoI think what they are saying is that the counter-party in the in-person BTC/USD trade could have gotten those USD in an illegitimate way, and that by accepting those USD in exchange for BTC you’d be partaking in money laundering.
- Rufbdbskrufb473 4y agoIs there really a legal responsibility placed on an individual selling BTC for cash to verify the source of funds? I assumed that wouldn't be necessary if not operating like a business with the intention to turn a profit. If I sold my car for cash, would I have the same responsibility?
- deleted 4y ago[deleted]
- dcminter 4y agoAccountants have KYC and AML obligations too. Briefcases full of cash are not going to sit well with a legit accountant (and a non-legit accountant is worse than none).
- im3w1l 4y agoI get it, some people want cash as a concept to be illegal. But we are not there yet. If you have all your receipts in order then using cash is fine.