USA reduces the amount of accountable transfers
The USA appears regularly in financial news bulletins. Today, for example, it became known that the government plans to reduce the cost of transfers, which are subject to additional attention from the state. The innovation concerns, among other things, transactions with Bitcoin. Next, we will tell you how the government initiative will affect ordinary users. So read it carefully. Let’s get started.
Quite well-known and serious American structures are behind the initiative. We’re talking about the Financial Crime Network. This organization is engaged in tracking USA government interests in a financial sense. And, along with the United States Federal Reserve, the organization has proposed to significantly reduce the amount that requires users to provide information on the origin of funds. This, of course, is about international transfers and affects the first cryptocurrency.
Now, if the initiative finds real support and takes effect, clients will not have to compile reports, and banks will not be required to collect information. But only if the translation cost is less than $ 250. Earlier, we note that this mark was at the level of $ 3,000. A rather archaic measure, established back in 1995, did not allow ordinary users to easily transfer money to American accounts. A lot of tax returns, reports and other papers were required.
But the initiative does not affect transfers within the country. Within the state border, you can still safely transfer amounts up to $ 3,000 and not provide any reporting. However, the increased pressure on ordinary digital or fiat account holders from abroad negatively affects all of us. So let’s discuss how the initiative will affect ordinary users.
How USA policy will affect you and me
This is definitely not the most pleasant experience. United States has a fairly strict policy regarding the first cryptocurrency, imposing all sorts of taxes, duties and complex state statuses on the asset. It is obvious that the country is not yet ready to accept the crypto industry, and therefore intends to develop special bills. Of course, at the moment it is too early to judge the prospects and severity of the consequences of such an event. Nevertheless, we are sure that this innovation will not bring anything good. Imagine, now, in order to make an ordinary translation of $ 251, you need to compose voluminous explanatory materials. Tell about the origin of funds and only then wait for the transfer to be sent. Banks will also suffer from similar bills. After all, all clients transferring large amounts to America are recorded in separate registers.
However, there is always the possibility that the project will be canceled. The specialists have exactly 30 days to consider and make a final decision. During this time, they will consider all potential risks, as well as the strengths of the bill. And we won’t be surprised if professionals deem the restriction of international transfers unacceptable. However, full support for the bill is also possible. For example, against the background of the fight against terrorism, such measures look quite convincing and even somewhat useful. But this only makes ordinary users worse.
The main thing in such a difficult situation is to stay abreast of current events. Follow all the news from the crypto industry with us. We publish only high-quality and interesting material. Thank you for attention. Good luck and stable work!