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RE: And just like that, Big Brother steps in
I have read about this in a few blogs on steemit and other news sources and I must say I align with you on the matter @jrcornel. Regulation is needed to gain mass adoption. This seems to be the smallest of regulations that may be placed. In what case could this be harmful? If you leave with 100BTC and come back with 50, (or the other way around) what issues does this cause for people conducting legal business, besides actually knowing how much coin you have? Any info is appreciated, not extensively educated on the subject.
"what issues does this cause for people conducting legal business, besides actually knowing how much coin you have?"
Knowing how much coin you have is exactly the issue though, for many concerned, law-abiding citizens and legal businesses.
Not wanting everyone all up in your business is a privacy issue, not necessarily because you have illegal activity to hide.
If the travel itself were directly related to the transferrence of funds in any way (such as moving it between people) I might feel slightly differently, but using this example - one could have just as easily completed a transaction electronically, at home in their underwear, that runs the risk of being equally nefarious activity.
Bureaucratic laziness is what causes this approach to be adopted here instead.
The only legitimate government interest with this method, that I can see, is being the quickest possible route for taxation, using legal rights to privacy that are decreased only when at the border (save for that of those in the industrial prison complex) as a means to obtaining this information, using existing legislation as opposed to significantly more difficult changes to tax law.
That raises a great point of bureaucratic laziness being the cause of this method of trying to track crypto. I personally have no issue with paying taxes on my crypto as I know that is a price that must be paid, however, there should be better tax laws set in place to do so rather than through this method. Thank you for the information and opinion!
Yeah, I have no issues at all with paying my fair share of taxes on any of my earnings either, because I have no intention of personally paving my own roads to get everywhere I need to go :) , which is what separates me from being a full-on libertarian, I guess.
But this kind of legislation, as a suggestion, still disturbs me. If they want to go into their respective tax codes and make the changes required to obtain this type of information, so be it, but this isn't that...