A lot of immigrants work in the US and then fly home with cash. It sounds crazy, but it's cumbersome and expensive to move money from US banks to overseas banks. It's easier, and possibly cheaper, to simply change the money at a currency exchange when you get there.
Many people don't realize that you can leave with as much US currency as you like, but the government requires that you report any amount over $10,000. They must steal millions from these immigrants who don't even realize they're doing anything wrong until the government swoops in and takes their money.
Many people don't realize that you can leave with as much US currency as you like, but the government requires that you report any amount over $10,000.
You don't even need to leave the country, nor does it need to be a specific dollar amount. Thanks to civil asset forfeiture, simply driving down the road with a "suspicious" amount of cash is sufficient justification for police to take every penny you have on you. They don't spend the time to figure out whether you're a drug dealer or if you're on your way to buy a used car, they just take it and leave you with the legal quagmire of trying to get your own money back.
This happens because they're allowed to use the money to supplement their budgets, and because it costs a few thousand dollars to even hire a lawyer that can (potentially) get your money back. They've taken somewhere around $70 billion this way, over the past twenty years.
That's all true. I suspect they rely more on the currency reporting rules at airports because that's at least a hard and fast law that is being broken.
Other countries would probably take a more dim view of asset forfeiture based on nothing more than "you can't prove this wasn't earned illegally!" than of it's backed up with something. I'm curious what the actual penalty for failure to declare is though.
That was the very motivation for attacks by government, banks, etc. from the get-go. Because one of the core ideas behind crypto was specifically to avoid the bullshit control that banks and governments employ over currency and trade.
A lot of immigrants work in the US and then fly home with cash. It sounds crazy, but it's cumbersome and expensive to move money from US banks to overseas banks. It's easier, and possibly cheaper, to simply change the money at a currency exchange when you get there.
Many people don't realize that you can leave with as much US currency as you like, but the government requires that you report any amount over $10,000. They must steal millions from these immigrants who don't even realize they're doing anything wrong until the government swoops in and takes their money.
You don't even need to leave the country, nor does it need to be a specific dollar amount. Thanks to civil asset forfeiture, simply driving down the road with a "suspicious" amount of cash is sufficient justification for police to take every penny you have on you. They don't spend the time to figure out whether you're a drug dealer or if you're on your way to buy a used car, they just take it and leave you with the legal quagmire of trying to get your own money back.
This happens because they're allowed to use the money to supplement their budgets, and because it costs a few thousand dollars to even hire a lawyer that can (potentially) get your money back. They've taken somewhere around $70 billion this way, over the past twenty years.
That's all true. I suspect they rely more on the currency reporting rules at airports because that's at least a hard and fast law that is being broken.
Other countries would probably take a more dim view of asset forfeiture based on nothing more than "you can't prove this wasn't earned illegally!" than of it's backed up with something. I'm curious what the actual penalty for failure to declare is though.
Getting around this is one of the few genuine uses for crypto exchanges, which is probably part of the reason they're under attack.
That was the very motivation for attacks by government, banks, etc. from the get-go. Because one of the core ideas behind crypto was specifically to avoid the bullshit control that banks and governments employ over currency and trade.