Freedom is a sweet illusion in which we like to live in pseudo-democracies that give lessons. The Financial Crimes Enforcement Network (FinCEN) wants to put its nose in the wallets of US citizens. Governments are entitled to the famous “defense secret” but especially not the population.
You might as well give them the private keys of the wallets
According to a press release dated December 30, 2020, the Financial Crimes Enforcement Network (FinCEN) wish to amend the Bank Secrecy Act’s Foreign Bank and Financial Accounts (FBAR).
The FinCEN wishes that cryptocurrencies are now included in the assets to be declared under the Bank Secrecy Act on accounts held by US citizens abroad.
Currently, citizens with more than USD 10,000 in foreign accounts must complete a form FBAR near FinCEN.
This rule does not apply to cryptocurrencies, but this amendment could end this exemption.
At this time, no timetable has been disclosed for the implementation of this new proposal.
Those who fail to meet their obligations face penalties and fines.
Legalized financial coping
The website of the Internal Revenue Service (IRS) indicates that the information should include the account name, account number, name and address of foreign bank, type of account and maximum value held during the year.
It remains to be clarified if other information relating to blockchain addresses for example will be provided.
This press release was published a few days before the deadline for the public comment period for another initiative of the FinCEN.
This would require exchanges to keep information about transactions greater than $ 3,000 to self-hosted wallets and file transaction reports when a user’s aggregate transaction amount exceeds $ 10,000.
One of the greatest “achievements” of government institutions is to have created an amalgamation between anonymity and criminal or criminal activity. The honest and exemplary citizen wants to reveal his finances to the general public at all costs. A discreet person necessarily has a skeleton in their closet. CBDCs are on their way, governments are creating the perfect financial system for the collective good. We would almost laugh if the stakes weren’t high. A good citizen is a naked citizen: when will real DEX escape the control of governments?
Litecoin, welcome in the Silver Age