Over the next few years the United States FATCA ( Foreign Account Tax Compliance Act ) will take full affect and declared and undeclared wealth will be looking for a place to hide, one of those places is going to be Bitcoin.
This law not only governs U.S. persons with foreign bank accounts but non-us residents with cash in U.S. banks.
How this plays out I do not know, but it's something people here should be thinking about if they are not already.
Don't you think this is just a case where the U.S. shows its 'leadership in the democratic world' and beyond, with other countries following suit?
If the bankers get the US government to push this through, which they apparently did, why wouldn't this also apply soon to wealth in other countries?
Following quote from http://www.nytimes.com/2011/12/27/business/law-to-find-tax-evaders-denounced.html?pagewanted=all
expands a bit on this:
Jeffrey Owens, a tax expert at the Organization for Economic Cooperation and Development, said catching tax evaders was “a concern that many member countries share.” If countries could agree to new global reporting standards for exchanging information, he said, then “maybe there’s a way forward.
Which in my opinion means that other countries will see the benefit of such legislation in terms of increased tax collection, and will pass comparable legislation. Resulting in a world wide system of wealth tracking, reporting and taxing.