The UK and EU Plan to Make Bitcoin Investors Use Their Real Names

DooKey

DooKey

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The UK and EU are going to start applying anti-money laundering laws to crytpcurrencies next year. This means that online platforms that trade bitcoins are going to have to do due diligence on their customers and act as a watchdog for transactions that might be questionable. I can't say I'm surprised by these actions since it's well known that cryptocurrencies are used to fund illicit activities. Of course standard fiat currency is used the same way, but up until now no government was enforcing similar laws against cryptocurrency that I'm aware of. Never fear, the government is here to help.

In October, Stephen Barclay, the economic secretary to the Treasury in the UK, responded to a parliamentary inquiry with a written plan that would amend anti-money laundering and counter-terrorism regulations to include cryptocurrencies. “The government supports the intention behind these amendments, he wrote. “We expect these negotiations to conclude at EU level in late 2017 or early 2018.”
 
If they can manage to enforce this, it might be time to sell. Without the illicit use, I don't think there will be near the demand, and that could cause a crash in the price.
 
I would say buy gold if possible - actual gold. if (when) the fiat currency of choice dies because someone keeps creating more whenever they want, Gold will no doubt still hold value.
 
This only effects people moving crypto-currency to fiat. It will just increase the number of crypto-currency transactions to purchase art and jewelery that can be liquidated anonymously. Basically another move by clueless legislators moving to react to something they read about in the news, rather than doing any real research into how it works. Most of the existing crypto conversion outfits use a system of "verified ID", the only real change is they may actually verify the ID rather than just asking for a photo of you holding a blurry ID card.
 
atp1916 said:
Good.

The more 'legal' things get in the crpytocurrency space the better.

Legitimizes everything.
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Yeah, I'm amused by the people that think this will cause bitcoin to crash, quite the opposite, it helps it. Sure, there can always be dips, but to imagine that there's no way to use bitcoin anonymously once some government declares some regulation is laughable.
 
Folks converting from crypto back to fiat already have to have some verified ID. The claim that this move will assist law enforcement in any way is laughable. They already can't do anything. Why add another to the list. Let's face it. Crypto is already not popular for the masses. This will only annoy legitimate users, much like denuvo for games, who may decide all the extra steps aren't worth it and abandon it altogether.

And let's not forget that with news of "legit" companies being hacked left and right, we surely don't need another attack point. "Last week we told you Equifax/BOA/Citi/Chase/etc was hacked and XYZ Million identities were stolen! This week coinbase/bitstamp/etc was hacked as well! Non-criminals,you're screwed! And criminals, well it was probabl you! So haha!"
 
The only reason they want to do this is so they can tax it.

Anyone who thinks it's to somehow "stop illicit activities" is being pretty dim. Criminals will always find a way. The government don't really give a shit, as long as they get their cut.
 
Krenum said:
Good, it needs to be.
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So be honest about it then. Oh wait.... no they can't possibly do that can they.

BTW, it might interest you that afaik in the UK you're actually allowed to trade currencies and not pay tax on it, as long as it's not your job. If it's considered spread-betting. Given the volatility of crypto I'd probably put it under that heading. If you trade for example, and lose, would you expect to give people a tax rebate as a loss?
 
davethehedgehog said:
So be honest about it then. Oh wait.... no they can't possibly do that can they.

BTW, it might interest you that afaik in the UK you're actually allowed to trade currencies and not pay tax on it, as long as it's not your job. If it's considered spread-betting. Given the volatility of crypto I'd probably put it under that heading. If you trade for example, and lose, would you expect to give people a tax rebate as a loss?
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We are also allowed to keep gold bullion in our own homes too!
 
Drakeniir said:
I would say buy gold if possible - actual gold. if (when) the fiat currency of choice dies because someone keeps creating more whenever they want, Gold will no doubt still hold value.
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You are aware Gold is as much a fiat currency as the USD, right? There's nothing intrinsic about it that gives it value.
 
its funny how all this negative shit starts pouring out when bitcoin hits over 10k+
the powers that be will try to stop this by any means necessary.
enforce banning in certain countries.
irs taxing
removing anonymity
driving down the value by putting it on the stock market

theyre trying to hit bitcoin from all sides now, after this recent uptick in value.
makes me sick. hope we can prevail against all this negative propaganda and beat the banking system.
probably why the winklevoss twins cashed out now.
 
the first island that accepts no-questions-asked cash out is going to earn a huge buck.
it's no different from taking money from some anon shell company which these very elites , which wants to tax, regulate and log, uses everyday
 
nutzo said:
If they can manage to enforce this, it might be time to sell. Without the illicit use, I don't think there will be near the demand, and that could cause a crash in the price.
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lol, you honestly think the recent uptick in bitcoin value is because all of the mobsters of the world are starting to get involved?
 
TorxT3D said:
its funny how all this negative shit starts pouring out when bitcoin hits over 10k+
the powers that be will try to stop this by any means necessary.
enforce banning in certain countries.
irs taxing
removing anonymity
driving down the value by putting it on the stock market

theyre trying to hit bitcoin from all sides now, after this recent uptick in value.
makes me sick. hope we can prevail against all this negative propaganda and beat the banking system.
probably why the winklevoss twins cashed out now.
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I would argue the opposite, with crooked wallstreet getting interested the value is only going to go up, and they have enough connections with the gov't to get in while the gettin' is good. These guys arent idiots, they will single handedly crash any economy but not before they get their reward first. They'll help drive bitcoin up exploiting it from every angle, not attacking it, and get out just in time. I could see bitcoin hitting 100k in the next few years because investors will legitimize it and then all the suckers will jump on board remembering when it was "only" 10k hoping to double their 50k in savings.
 
I've been casually following the rise of digital currency for around 5 years. What's more fascinating to me is that a new currency has taken hold on the planet that doesn't specifically relate to any one country, their taxes, or fiscal laws. I admit I don't know much about it but it's interesting to say the least.
 
Drakeniir said:
I would say buy gold if possible - actual gold. if (when) the fiat currency of choice dies because someone keeps creating more whenever they want, Gold will no doubt still hold value.
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I wish you all the luck in the word with your investment choices, prepper. But before you go all sovereign citizen on us, you may want to do some due diligence on gold prices and trends before sinking your nest egg into single pot-o-gold.

I would hate to see another fine fiat fearing person like yourself having to rely on US printed greenbacks in the form of well-fare checks in their golden years. Don't let your piss poor decisions cost the rest of us, ok?
 
It is incredibly easy to run value through multiple coins multiple times.

Even if they can track it, it will come at great expense.
 
darckhart said:
Folks converting from crypto back to fiat already have to have some verified ID. The claim that this move will assist law enforcement in any way is laughable. They already can't do anything. Why add another to the list. Let's face it. Crypto is already not popular for the masses. This will only annoy legitimate users, much like denuvo for games, who may decide all the extra steps aren't worth it and abandon it altogether.

And let's not forget that with news of "legit" companies being hacked left and right, we surely don't need another attack point. "Last week we told you Equifax/BOA/Citi/Chase/etc was hacked and XYZ Million identities were stolen! This week coinbase/bitstamp/etc was hacked as well! Non-criminals,you're screwed! And criminals, well it was probabl you! So haha!"
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The masses use crypto on a daily basis. You might want to use proper terminology, after all, crypto is a well defined term and forms a part of cryptocurrencies, hence the actual name. But cryptocurrencies aren't "crypto".
 
gamerk2 said:
You are aware Gold is as much a fiat currency as the USD, right? There's nothing intrinsic about it that gives it value.
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While the price of gold is only very loosely related to its fundamental value, it does have basic value and uses beyond as a commodity and for shiny things. Gold is a fairly critical industrial material and use that way on a daily basis.
 
lostin3d said:
I've been casually following the rise of digital currency for around 5 years. What's more fascinating to me is that a new currency has taken hold on the planet that doesn't specifically relate to any one country, their taxes, or fiscal laws. I admit I don't know much about it but it's interesting to say the least.
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That would be news, but it isn't actually true. bitcoin isn't a currency. Things aren't priced in bitcoin. At best it is a speculative and laundering instrument. Companies aren't accepting or pricing in bitcoin. They are pricing is local currency and accepting local currency (aka they never see bitcoins and don't want to).
 
aaronspink said:
That would be news, but it isn't actually true. bitcoin isn't a currency. Things aren't priced in bitcoin. At best it is a speculative and laundering instrument. Companies aren't accepting or pricing in bitcoin. They are pricing is local currency and accepting local currency (aka they never see bitcoins and don't want to).
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Not 100% true, there are some companies out there that accept bitcoin. One of my local big resellers of computer gear does

https://www.scan.co.uk

https://99bitcoins.com/who-accepts-bitcoins-payment-companies-stores-take-bitcoins/

I'll grant you it's not many though. Probably because companies are worried it'll attract undue attention from the taxman/authorities due to media and bank FUD.
 
davethehedgehog said:
Not 100% true, there are some companies out there that accept bitcoin. One of my local big resellers of computer gear does

https://www.scan.co.uk

https://99bitcoins.com/who-accepts-bitcoins-payment-companies-stores-take-bitcoins/

I'll grant you it's not many though. Probably because companies are worried it'll attract undue attention from the taxman/authorities due to media and bank FUD.
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No, their payment processor will allow you to pay in bitcoin based off the conversion price. The business does not actually ever accept bitcoin on their end and don't price in it either.
 
aaronspink said:
That would be news, but it isn't actually true. bitcoin isn't a currency. Things aren't priced in bitcoin. At best it is a speculative and laundering instrument. Companies aren't accepting or pricing in bitcoin. They are pricing is local currency and accepting local currency (aka they never see bitcoins and don't want to).
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Thanks for the info. This something I really need to look more into to understand.
 
aaronspink said:
The masses use crypto on a daily basis. You might want to use proper terminology, after all, crypto is a well defined term and forms a part of cryptocurrencies, hence the actual name. But cryptocurrencies aren't "crypto".
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Can't deduce from the context of the discussion? Thanks for the trolling.
 
And Satoshi Nakamoto, wherever he/she/it/they happen to be, starts turning so when death comes the momentum will just carry over into the casket. :p
 
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