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The U.S. Government Is Targeting Cryptocurrency to Expand the Reach of Its Financial Surveillance

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posted on Dec, 24 2020 @ 01:20 PM
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On Friday, the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced a proposed regulation that would require money service businesses (which includes, for example, cryptocurrency exchanges) to collect identity data about people who transact with their customers using self-hosted cryptocurrency wallets or foreign exchanges. The proposed regulation would require them to keep that data and turn it over to the government in some circumstances (such as when the dollar amount of transactions in a day exceeds a certain threshold).

The U.S. Government Is Targeting Cryptocurrency to Expand the Reach of Its Financial Surveillance

It looks like some of the anonymity will be gone from cryptocurrencies. I know some think that their only real value is in being able to use them for anonymous transactions, but I think this could bring legitimacy to the table, further encouraging institutional investors.

The U.S. Government Is Targeting Cryptocurrency



posted on Dec, 24 2020 @ 01:31 PM
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a reply to: tamusan

I'm surprised it took so long.
Crypto is a great way to move money for illegal activities like child trafficking and drugs.



posted on Dec, 24 2020 @ 01:34 PM
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Snip that aint nuthin. Dirty bass turds make foreign banks report all US citizens to the IRS for tax purposes. But dont go after offshore bank accounts. Eff the little peeps.



posted on Dec, 24 2020 @ 01:48 PM
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originally posted by: Bluntone22
a reply to: tamusan

I'm surprised it took so long.
Crypto is a great way to move money for illegal activities like child trafficking and drugs.


And yet the US Dollar is the number 1 currency of illicit activity.

By Far.



posted on Dec, 24 2020 @ 02:49 PM
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XRP is super low atm.



posted on Dec, 24 2020 @ 02:59 PM
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originally posted by: Bluntone22
a reply to: tamusan

I'm surprised it took so long.
Crypto is a great way to move money for illegal activities like child trafficking and drugs.


Compared to the USD, its negligible.



posted on Dec, 24 2020 @ 03:02 PM
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originally posted by: projectvxn

originally posted by: Bluntone22
a reply to: tamusan

I'm surprised it took so long.
Crypto is a great way to move money for officially frowned upon quasi-illegal, but traditionally acceptable, activities like child trafficking and drugs.


And yet the US is number 1 backer of illicit activity.

By Far.



posted on Dec, 24 2020 @ 03:02 PM
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originally posted by: projectvxn

originally posted by: Bluntone22
a reply to: tamusan

I'm surprised it took so long.
Crypto is a great way to move money for officially frowned upon quasi-illegal, but traditionally acceptable, activities like child trafficking and drugs.


And yet the US is number 1 backer of illicit activity.

By Far.

edit on 24-12-2020 by Dalamax because: Double post.



posted on Dec, 24 2020 @ 03:07 PM
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originally posted by: JinMI

originally posted by: Bluntone22
a reply to: tamusan

I'm surprised it took so long.
Crypto is a great way to move money for illegal activities like child trafficking and drugs.


Compared to the USD, its negligible.


How exactly does anyone know how much of an untraceable currency is being used on illegal activities?



posted on Dec, 24 2020 @ 03:10 PM
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originally posted by: Bluntone22

originally posted by: JinMI

originally posted by: Bluntone22
a reply to: tamusan

I'm surprised it took so long.
Crypto is a great way to move money for illegal activities like child trafficking and drugs.


Compared to the USD, its negligible.


How exactly does anyone know how much of an untraceable currency is being used on illegal activities?


Which currency are you describing?



posted on Dec, 24 2020 @ 03:13 PM
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a reply to: JinMI

Uh....crypto



posted on Dec, 24 2020 @ 03:16 PM
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a reply to: Bluntone22




I'm surprised it took so long. Crypto is a great way to move money for illegal activities like child trafficking and drugs.



Nah Cypto is a threat to the banking system worldwide. Bitcoin is decentralised and unregulated but now worth nearly 25k a coin.

The other coins have various different attributes providing an ecosystem environment in which commoditise can work in different ways to conventional systems. Have a look at the defi coins (denctralised finance.) These coins can produce smart contracts to allow the lending of crypto or allow the stacking of vast amount of coins so resources can be pooled. This gives you better interest on your coins than a conventional banking service.

Other coins provide the internet for the block chain. Others allow people in poorer countries to access funds using decnetalised banks. Others shard information across the internet.

Very little of the vast amount of crypo echanges are for illegal things. Its a way of demonising a paradigm shift.



posted on Dec, 24 2020 @ 03:17 PM
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a reply to: Bluntone22




How exactly does anyone know how much of an untraceable currency is being used on illegal activities?


Dont know.. But I am sure its an awful lot less than is hidden up in offshore bank accounts.




posted on Dec, 24 2020 @ 03:21 PM
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a reply to: purplemer

It's a bit naive to think that an untraceable and untaxable currency will not be utilized in illegal activities.
I can't think of a single reason that wouldn't be exploited



posted on Dec, 24 2020 @ 03:27 PM
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originally posted by: Bluntone22
a reply to: purplemer

It's a bit naive to think that an untraceable and untaxable currency will not be utilized in illegal activities.
I can't think of a single reason that wouldn't be exploited


Yes money has alway been used this way. You only have to look at the banking system we use to day. This is just a small part of crypto not the whole thing.

What about the internet. Are you for full censorship and surveillance because some people do bad things or doi you think peeples should be allowed an element of freedom.

Regardless of how this pans out. These are decentralised entities. Making something illegal in one place does not stop its trade in the rest of the world.

However it does tend to stiffle innovation in blockchain technology. This is not something you want to do. Its the future of the internet and much more.



posted on Dec, 24 2020 @ 04:59 PM
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originally posted by: and14263
XRP is super low atm.


SEC filed suit two days before Clayton's resignation was put through.

Rabbit hole about what may have motivated him.

Ripple has been working with the SEC for years and had previously been ruled a currency.

I just bought more XRP during this crash.



posted on Dec, 24 2020 @ 06:32 PM
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originally posted by: Bluntone22
a reply to: JinMI

Uh....crypto


Right...I'm saying not moreso than the dollar.



posted on Dec, 24 2020 @ 06:45 PM
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originally posted by: JinMI

originally posted by: Bluntone22
a reply to: JinMI

Uh....crypto


Right...I'm saying not moreso than the dollar.

And .....
You base that on what ?



posted on Dec, 24 2020 @ 07:04 PM
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a reply to: Gothmog

History for starters.

Also the nature of say Bitcoin not being a very private currency.



posted on Dec, 24 2020 @ 07:11 PM
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If they are being public about it now, I guarentee they already have their hooks in it, Maybe not officially but some alphabet agency is sniffing through the process.




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