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How quaint. Countries around the world are gradually phasing out cash, and forcing banks to report any transactions that add up to more than $600. They want the
by EGreg 3y ago
How quaint. Countries around the world are gradually phasing out cash, and forcing banks to report any transactions that add up to more than $600. They want the tax revenue and ultimate control — but they’ll claim it’s mostly to prevent “money laundering”.
This is like analyzing the details of how people use vinyl records to play music. It won’t matter in 1-2 decades.
- anamexis 3y ago> This is like analyzing the details of how people use vinyl records to play music. It won’t matter in 1-2 decades. Sounds like what people were saying about vinyl records 2 decades ago.
- EGreg 3y agoAnd they were correct
- chrismcb 3y agoAmerica started to do this to try to collect taxes on small transactions. Not to prevent money laundering.
- WirelessGigabit 3y agoAnd I don't mind it at all. Unreported cash transactions create a whole separate economy that is exploited. Take your local AC guy. Writes receipts, reports income, charges sales tax, gives the employees insurance etc... Now the other guy, who doesn't do anything, and because of that is able to undercut the guy above by 10%. Short term? Great, your AC is 10% cheaper. Long term? You got 5 people in your neighborhood who lost their job because a law that's there to protect them isn't enforced.
- EGreg 3y agoI wonder if you would mind when this happens to you: https://www.theverge.com/2019/3/1/18246297/china-transportation-people-banned-poor-social-credit-planes-trains-2018 https://www.theverge.com/2019/3/1/18246297/china-transportat... Or maybe this: https://www.nytimes.com/2022/02/22/world/americas/canada-protest-finances.html https://www.nytimes.com/2022/02/22/world/americas/canada-pro...
- BeFlatXIII 3y agoI'm not in the business of paying higher prices to keep people employed.