2014-07-12 CoinTelegraph - Mandatory Bitcoin Reporting Ordered in Argentina

HeliKopterBen

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Quote from: wingsfan23 on July 14, 2014, 11:00:43 AM

Exchanging pesos for dollars is also illegal, but money changers are rampant. They give up to 40% above the actual exchange rate, just to hold American Dollars. The black market dollar rate is even published in local newspapers.

And the dollar is collapsing against bitcoin...

wingsfan23

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I was just in Buenos Aires a few months ago. Exchanging pesos for dollars is also illegal, but money changers are rampant. They give up to 40% above the actual exchange rate, just to hold American Dollars. The black market dollar rate is even published in local newspapers.

Many of the store fronts on Florida street are actually undercover money changers. It was strange to be taken into the back of a bus ticket store and meet a mafia looking guy at a table with stacks of currency all around him. It seems the police knew this was going on, but were not strictly enforcing it.

The people of Argentina know what their government is doing, and they do not put up with it. There are many many protests and black market activities, I witnessed 4 large protests in just the few days I was there. This new mandatory bitcoin reporting order will not slow them down at all. It very well could make bitcoin stronger.

Kprawn

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The only thing they can ban within the country, are the exchange of bitcoin to fiat {Peso etc.} That would also make merchant adoption difficult.

I would just move my operation online and accept bitcoin for payment there. {Not in the physical shop} And do my exchange abroad.

Countries doing this acctually hurt their economy more, by doing this. {Loss in tax income and also increased unemployment and blackmarket activities that would increase, not to speak of the loss in innovation and getting behind, on what is happening in the world around them}

Swordsoffreedom

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Quote from: Bit_Happy on July 13, 2014, 10:48:40 AM

Argentina can help teach us what a serious economic collapse looks like:
Argentina's Economic Collapse (FULL VERSION)
http://www.youtube.com/watch?v=VK494Judxvg

Ah that's different from the one I had in mind but I'll have to give that a watch sometime
Was thinking the Bitcoin Film one about people using Bitcoin to sell products and services
https://www.youtube.com/watch?v=e__m-w4N7NI

In Buenos Aires we talk with Diego who uses Bitcoin to avoid the skyrocketing inflation and monetary restrictions of the Argentinian Peso.

Although I personally liked the applications to small scale farmers more.

nwfella

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Well hello there!

The story is always the same: (generalized for your viewing pleasure)

Economic Advisor: "Mr. President, we are on the verge of a serious loan default that could have seriously negative broad reaching socio-economic implications for our country!"

President: "Ban the bitcoin!!"

Sindelar1938

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Classic reactionary response
Hope the argentinians manage to evade govt efforts to constrain their financial and economic freedoms

notthematrix

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Quote from: Bit_Happy on July 13, 2014, 10:48:40 AM

Argentina can help teach us what a serious economic collapse looks like:
Argentina's Economic Collapse (FULL VERSION)
http://www.youtube.com/watch?v=VK494Judxvg

and that can be avoided by bitcoin!people will just switch.
the problem is when you no longer can use a currecy to trade.
if you can swich to a currency as bitcoin there will be no problem.
and fall out.

Bit_Happy

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A Great Time to Start Something!

Argentina can help teach us what a serious economic collapse looks like:
Argentina's Economic Collapse (FULL VERSION)
http://www.youtube.com/watch?v=VK494Judxvg

cr1776

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FTFT (Them):

<< ...The primary concern was the threat to both political control and the power of the authoritarians in Argentina. ... >>

Glad you posted this article so that people are aware of the lengths to which the corrupt, power-hungry politicians will go to protect their monopoly on power and prevent people from being free.

IYFTech

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The more these power hungry, bankrolled, corrupt Governments try to control & regulate Bitcoin - the more they will alienate themselves from the people & businesses that use them. Coins & wallets such as Darkcoin, Dark Wallet, Anoncoin & mixing services etc will flourish.

Starve the Banks & corrupt politicians.

Kprawn

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They doing this, to push their own economy and boosting their own currency, not to protect their citizens.

3rd world country syndrome at it's best. Dictatorship and corruption goes hand in hand.

Most people would just go underground with this anyways. {Only way for them to stop this, is to shut down the internet, and that will sink the whole country anyways}

But in most countries, the leaders are so "power drunk", they would do anything, to retain the status quo.

I feel sorry for the people, in countries like that, because the regulators, hold them back from developing into gems they could have been.

Swordsoffreedom

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Translation

Shoot the Argentinians found a way out of our cruddy dollars we need to contain this leak ASAP
(or improve the financial system in that country Roll Eyes

)

Anyways a nice read thanks for the share good summary part

The Argentinian decision basically puts Latin America in two evenly split camps with respect to virtual currencies. The public seems to be solidly behind the idea of a decentralized currency while both politicians and central banks are developing a myriad of excuses and “dangers”.

TheIrishman

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Mandatory Bitcoin Reporting Ordered in Argentina

http://cointelegraph.com/news/112060/mandatory-bitcoin-reporting-ordered-in-argentina

<< The July 4th, 2014 announcement by Argentina’s Unidad de Información Financiera (UIF) that all financial service companies in the country would need to begin reporting all transactions involving virtual currencies. The primary concern, according to the UIF was the threat of both money laundering and the ability to use cryptocurrencies to finance criminal activities or terrorism. Unfortunately, like most such official concerns, the politics of the situation never allows that fiat currencies are used in the exact same manner as virtual currencies and that such onerous regulations will not stop its use by them any more than it does with dollars. >>

Topic: 2014-07-12 CoinTelegraph - Mandatory Bitcoin Reporting Ordered in Argentina (Read 1695 times)