British Virgin Islands introducing new fee to send money abroad

[soulcity]

"Persons living in the British Virgin Islands will soon be required to pay an additional tax to send their money out of the territory."


https://bvinews.com/govt-introducing-new-fee-to-send-money-abroad-says-premier/?fbclid=IwAR2l9o4SPW0i4G-IgFuTu0NpM4coxiCQO4OqM3gOHVN1-AhTMi6l8HGi-lU


...and this is why we Bitcoin.

[mindrust]

Keep doing this shit and Bitcoin will do to the governments what mp3/napster/torrent did to the music/movie companies.

It is still going to happen but shit like that just makes it happen faster.

Some bank haters like me already use Bitcoin because I already learned my lesson long ago but even now, there are many people who are happy to live with banks and governments. Go on and make them hate you.

[serveritaly]

Keep doing this shit and Bitcoin will do the governments what mp3/napster/torrent did to the music/movie companies.

It is still going to happen but shit like that just makes it happen faster.

Some bank haters like me already use Bitcoin because I already learned my lesson long ago but even now, there are many people who are happy to live with banks and governments. Go on and make them hate you.

you right mate what was happen with peer to peer file sharing with movies and mp3,movies,  happen with crypto and really it speed up the process


... and this is why we  bitcoin

[Jet Cash]

William Pitt introduced income tax in 1799 as a temporary tax to fund the Napoleonic Wars - how temporary is temporary? How long before the BVI uses the money to fiinance "defence"?

[proTECH77]

This will only drive closer the adoption of Bitcoin to the public. I strongly believe that the dwellers will devise another means of sending out their funds to their parent by using the Bitcoin or other cryptocurrency and when it happens there will be a general mass adoption toward cryptocurrency in general.

[gentlemand]

The article does not specify the amount of fees for transfers.If it is a penny then there is nothing wrong,but if the amounts are too large,then people will automatically use cryptocurrency to pay.It's obvious.

As above, everything starts off small and then is allowed to mutate over time.

There's masses and masses of offshore money there. Either that's exempt, which will seriously piss off the real people there, or it's going to migrate elsewhere very soon.

[kaya11]

This will only drive closer the adoption of Bitcoin to the public. I strongly believe that the dwellers will devise another means of sending out their funds to their parent by using the Bitcoin or other cryptocurrency and when it happens there will be a general mass adoption toward cryptocurrency in general.

It is still on British grounds, I think it can speed up a little adoption when it comes to more than 10 countries. If only remote Islands here in our country does have internet connection maybe then they would use crypto based remittances, just their travel to urban areas to get the money make them suffer, cost and everything is high that is why we need internet here and then we implement Bitcoin or other crypto to be use as a means of receiving money abroad.

[kryptqnick]

Some bank haters like me already use Bitcoin because I already learned my lesson long ago but even now, there are many people who are happy to live with banks and governments. Go on and make them hate you.

It's not always easy to avoid banks. I don't like them much, for one, but use them quite often anyway. Because I receive my salary to the bank account, I need fiat to pay in the supermarket, for rent and transport. And honestly, even though I appreciate Bitcoin and don't trust banks much, I keep the money I cannot afford to lose in fiat, usually on my bank account. Because accumulating cash means that you'll have problems spending it on something big if you feel like it, plus flat robberies are way more common in my country than bank robberies. Moreover, in fiat at least I approximately know how much purchasing power I'll have in a year, whereas holding everything in Bitcoin is just too risky.

[dothebeats]

A small autonomous territory with less than 50,000 residents not making enough money? Not to mention that it's also a hot tourist attraction, so I can't see why are they trying to make it look like they're making ends meet? Who knows how much offshore money is parked within those lovely islands all the while the native residents are out there paying taxes for the most ludicrous of reason: remittances. I was out here thinking that BVI is a nice place to live off my dying days but lo and behold, it's slowly becoming something I hate.

[Red-Apple]

sending money oversees was already one of the cheapest, most secure and fastest way through bitcoin. not to mention you could keep your privacy too. now if they add more fees for people who use fiat to do this transfer it will push them towards bitcoin but i don't think it will be that big a push YET. because for now there is still other fees and issues involved for converting your fiat to bitcoin and then bitcoin back to fiat which doesn't make it look that interesting to most people.

[YuginKadoya]

After browsing the article's comments I have seen one from Tru Dat!



Well, that is why many people are getting into Bitcoin, but I guess the added fees were not that high and many are not used to bitcoin because there are some that are not used to this kind of technology and even though Bitcoin is here to be used and faster and much cheaper than these money transfer many will still sure prefer money transfer because many are used to Fiat money than Cryptocurrency.

[Juggy777]

sending money oversees was already one of the cheapest, most secure and fastest way through bitcoin. not to mention you could keep your privacy too. now if they add more fees for people who use fiat to do this transfer it will push them towards bitcoin but i don't think it will be that big a push YET. because for now there is still other fees and issues involved for converting your fiat to bitcoin and then bitcoin back to fiat which doesn't make it look that interesting to most people.

A recent article states that a crypto whale moved $468 millions using bitcoins, and he paid fees worth $400 only. The article further highlights that had he used TransferWise to send fees abroad, he would have paid $3600 per one million dollar. This shows how badly we need bitcoins to become legal tender in all countries, and how much we can save on fees especially on international transactions.

Article Link: https://thenextweb.com/hardfork/2019/07/29/bitcoin-whale-moves-468-million-crypto-fortune-for-less-than-400/

[Kakmakr]

Capital control is just one of the ways in which governments manipulate the value of their local fiat currencies, so if they cannot control the outflow of fiat, then they will find other ways to influence people not to send "money" across their borders. Tax is just one method to reduce the amount of "money" that are being send out of the country. 

Bitcoin being borderless is a threat to local currencies and the control and manipulation of local reserve currencies and this is one of the reasons why governments are turning against Bitcoin. 

[rdluffy]

This is one of the greatest benefits of BTC, you can avoid these high fees to send money to anyone, everywhere, anytime and without any information

BTC have fees to, but for me, in my country, it's way cheaper to send BTC to someone than any method of transfer available (and without lose time or gathering documents)