06-13-2019, 05:52 PM
The FATF (Financial Action Task Force on Money laundering) will be issuing guidelines for crypto exchanges like coinbase etc. It is a inter governmental agency and US agencies like the FDIC would likely enforce. The pending rules would force exchanges to reveal the senders and receivers names for any transaction over $1000. For the purposes of this forum $1000 is a lot, but it does signal a shift in the direction of making crypto less transparent.
My take is that the banksters really, really don't like the competition. Crypto was started to be an alternative to banking and fiat money (US dollar Euro etc) and all the loss in credit card interest and fees is probably making them uncomfortable to say the least. I think they are using the money laundering excuse to push this forward. Don't get me wrong, I"m all for battling cartels and such, but I would think that they launder by the 5,6 or 7 digit amounts not 4. $1000 doesn't sound much like cartel activity.
Anyway, heeding Mr. Hind advice "Staying within the boundary of 'personal use' quantities is a better bet than sweating current crypto security." is always a good idea. Using crypto for small items is fine, for now, but keep a low profile.
My take is that the banksters really, really don't like the competition. Crypto was started to be an alternative to banking and fiat money (US dollar Euro etc) and all the loss in credit card interest and fees is probably making them uncomfortable to say the least. I think they are using the money laundering excuse to push this forward. Don't get me wrong, I"m all for battling cartels and such, but I would think that they launder by the 5,6 or 7 digit amounts not 4. $1000 doesn't sound much like cartel activity.
Anyway, heeding Mr. Hind advice "Staying within the boundary of 'personal use' quantities is a better bet than sweating current crypto security." is always a good idea. Using crypto for small items is fine, for now, but keep a low profile.