Munuchin and 20 nations talk btc and Swiss banks

[Walrus1]

Don't know the effect or what they wil do but treasury secretary Steve munuchin is meeting with 20 nations to discuss preventing btc and crypto from becoming the new Swiss bank accounts. I hope over regulation doesn't screw things up

[stompix]

Get his name right!!! To hard to copy paste?
And you could have added a source for it!
https://www.bloomberg.com/news/articles/2018-01-12/mnuchin-warns-against-bitcoin-becoming-next-swiss-bank-account

Under U.S. law, “if you have a wallet to own bitcoins, that company has the same obligation as a bank to know” you as a customer, Mnuchin said. “We can track those activities. The rest of the world doesn’t have that, so one of the things we will be working very closely with the G-20 is making sure that this doesn’t become the Swiss bank account.”

Nothing special.
Is the usual stance they take on fiat, the same AML and KYC.

[Dapper]

Well it's already the CH bank account for at least $500 billion (the other $100 billion or so are people praying that they will profit from it all) worth of capital.

[RamesesLabs]

Get his name right!!! To hard to copy paste?
And you could have added a source for it!
https://www.bloomberg.com/news/articles/2018-01-12/mnuchin-warns-against-bitcoin-becoming-next-swiss-bank-account

Under U.S. law, “if you have a wallet to own bitcoins, that company has the same obligation as a bank to know” you as a customer, Mnuchin said. “We can track those activities. The rest of the world doesn’t have that, so one of the things we will be working very closely with the G-20 is making sure that this doesn’t become the Swiss bank account.”

Nothing special.
Is the usual stance they take on fiat, the same AML and KYC.

I agree, looks like the usual beginning of the year posturing by officials so they can get back to more important matters like keeping us poor with current tax laws and regulations. I still don't think the governments realize the full potential that Bitcoin and blockchain technology have to change the world, so I think this is just to ease the bankers worries of losing their stronghold on the way payments are currently facilitated between peers.

[Kargai]

Yes, nothing special here. There is always the "media posture" and  what they are doing in the background. Feels like they have to "officialy" say those things. Anyway it will take times for them to be on the same page and when it will be the case they will understand that it could be useless.

[Slark]

Nothing special.
Is the usual stance they take on fiat, the same AML and KYC.

Maybe it is nothing special, yet it will be another anti-bitcoin regulation and people would exaggerate about the effect of this potential new lat.
We will have another deterrent which will put off new investors from buying bitcoin.
I am afraid that soon buying bitcoin or managing your bitcoin might be much more complicated and problematic than buying gold, stocks or other assets.

[pugman]

Mnuchin can try doing some thing against bitcoin, we all know how it would result. And for the fear of over-regulation, you don't have to worry for now, as regulating bitcoin is still hard as people are breaking their brains behind it.
Also I had read  someone speak about this question a few years ago and I am going to quote him, because it is a wonderful post and makes absolute sense. Here :

Needless to say, it all depends on your transactional information. Swiss Banking is not 100% anonymous. It is still regulated and if push-comes-to-shove (read: legal), your details can be given out by the Bank.

Bitcoin is anonymous of course, provided your shield your wallet information well. If you want to pay me, and I happen to know you, when a transaction is done into my wallet, your wallet ID will be known to me. This is one way I can keep track of you. You could cascade wallets, keeping your original wallet information secure, but if I were to look at the transaction history of wallets, I would still be able to track back.

It would be anonymous only if I did not know who you were, and then we conducted the transaction.

There is no authority that would give your wallet information details out (per se). If you have an online wallet, the wallet provider may be required to give out your email address to which the wallet is associated with, other than that, nada.

Your best bet would be to have an off-line wallet, where you store all your money and for anonymous transactions, make a few online wallets and transfer money to these wallets for purposes of transacting.

For making an online or offline wallet, your personal details are not required.

[usahaali06]

If I am allowed to meet with state leaders banning bitcoin, I would like to say "Mention the disadvantage caused by bitcoin for your country". I'm sure they will not answer, and even though they answer it, it's just a stale bite.

[Kprawn]

The Foreign Account Tax Compliance Act (FATCA) requires banks around the world to report balances and any activity of

American citizens to the IRS or face fines. {Is that not enough?}

Did they stop this ---> Apple's (NASDAQ: AAPL) use of an Irish tax haven, a tactic that allowed the tech giant to avoid paying

income taxes, saving billions of dollars in profit.  They cannot even stop people from creating shell companies or

letterbox companies? ....that are used to avoid paying taxes in the USA. 

[Dapper]

Not enough.   The US is running a debt machine, so yes, they need to continue to go after the money any way they can.

[WSDN]

If I am allowed to meet with state leaders banning bitcoin, I would like to say "Mention the disadvantage caused by bitcoin for your country". I'm sure they will not answer, and even though they answer it, it's just a stale bite.

))) lol. they can have many reason to against bitcoin like support terrorist, black money or bla bla bla

[Walrus1]

May be "nothing big" but these bastards love regulation look what they did to Swiss banks.

[figmentofmyass]

https://www.bloomberg.com/news/articles/2018-01-12/mnuchin-warns-against-bitcoin-becoming-next-swiss-bank-account

Under U.S. law, “if you have a wallet to own bitcoins, that company has the same obligation as a bank to know” you as a customer, Mnuchin said. “We can track those activities. The rest of the world doesn’t have that, so one of the things we will be working very closely with the G-20 is making sure that this doesn’t become the Swiss bank account.”

Nothing special.
Is the usual stance they take on fiat, the same AML and KYC.

maybe, maybe not. i'm worried there is something more insidious going on. we all expect regulations to require AML/KYC from exchanges at this point. what no one is talking about is the possible expansion of the definition of "financial institution" and "money transmitter" to include many cryptocurrency services. under SB1241, anyone who is redeeming and transferring cryptocurrency on behalf of others would be considered a "financial institution" just like an FDIC-insured bank. mere tumblers who are doing nothing but mixing outputs of a supposedly fungible currency would be treated like a bank.

i am praying that SB1241 dies in committee like it did during the last congressional session. regardless, we are already seeing US-based exchanges obtaining money transmitter licenses and complying with AML/KYC. when i see talk like this, my gut reaction is to assume they want to expand this process of data retention and surveillance, not merely state the obvious (that exchanges must enforce AML/KYC).