[2017-01-31] ID Required to Buy a Coffee With Bitcoin in the Czech Republic

notthematrix

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Quote from: 1Referee on February 01, 2017, 05:06:55 AM

Quote from: notthematrix on January 31, 2017, 09:59:58 AM

Annyway then you axchange with a local , it does not matter in the end...
scanning a id , also does not matter , a lot of corruption is still possible!

If you just look to exchange Bitcoin, then it indeed doesn't matter since you can buy and sell coins face to face. But this is in fact a problem for people looking to put their coins to work and spend them in physical stores. Just browse through the forum and see how many people are eagerly waiting for their local businesses to start accepting Bitcoin. No matter how inconvenient Bitcoin is as local payment option due to the fees and confirmation times, people are still willing to spend their coins occasionally in cafes and restaurants. It's just a nasty move from governments shitting in their pants.

Westren people are still very lazy https://www.youtube.com/watch?v=RRXecXfWARw hits the nail on the hat!

1Referee

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Quote from: notthematrix on January 31, 2017, 09:59:58 AM

Annyway then you axchange with a local , it does not matter in the end...
scanning a id , also does not matter , a lot of corruption is still possible!

If you just look to exchange Bitcoin, then it indeed doesn't matter since you can buy and sell coins face to face. But this is in fact a problem for people looking to put their coins to work and spend them in physical stores. Just browse through the forum and see how many people are eagerly waiting for their local businesses to start accepting Bitcoin. No matter how inconvenient Bitcoin is as local payment option due to the fees and confirmation times, people are still willing to spend their coins occasionally in cafes and restaurants. It's just a nasty move from governments shitting in their pants.

ArticMine

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The 1000 EUR is consistent with the cash restrictions in some other parts of the EU. Why people are reading this to mean cups of coffee is beyond me. As for getting around this kind of thing, this has been the national sport in southern Europe for decades long before crypto currencies or even payment / credit / debit cards even existed.

Edit: If someone is stupid enough to pay 1.1 XBT for a cup of coffee then maybe they should be required to show ID and file a form with the government.

LilibethSantos

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What would stop somebody from exchanging bitcoin for cash on the street? A real money launderer would not give a shit about buying a cup of coffee.

ArticMine

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From the article.

Quote

The Czech Republic’s Ministry of Finance may soon require trading exchanges, and various merchants accepting bitcoin to verify the identity of their customers who spend over 1,000€, explains the recent reports. Alongside this, the country’s authorities will also soon add a Value Added Tax (VAT) to virtual currencies in the near future.

1000 EUR at current exchange rates for a cup of coffee is pretty expensive. Maybe some time in the future. Wink

The VAT part is more interesting. It will backfire since consumer will be able to legally avoid the VAT by registering for VAT as a business. The Czech Republic republic would not be the first country to try this and be forced to backtrack.

Edit: I have been following the GST/VAT issue since 2012.

strasboug

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That's interesting... if ID needs to be verified in order to use bitcoin, then most people (me included) will simply not using it. People use it because of the freedom and anonymity.

Papa Bear

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I think the policy measures against the Czech Republic basic philosophies Cryptocurrency

darkangel11

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Don't let others control your BTC -> self custody

They can force the exchanges registered in the Czech Republic to require ID's from their clients, but they can't make the clients use exchanges registered in the Czech Republic.
This ban is a joke, what if their citizens start moving to exchanges like BTCe that don't have such regulations? They'd need to ban banks from receiving money from any bitcoin exchange.

notthematrix

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Quote from: 1Referee on January 31, 2017, 06:33:03 AM

It's clear according to this article that cafes, schools and other merchants must verify the ID's of people using Bitcoin as payment option, but it doesn't mention anywhere what level of verification it really is. Is it just showing your ID to the merchant workers so that they see it's really you, or do they make a scan of your ID that is being saved everywhere you show your ID? In case of the latter, then obviously no one is going to sacrify their privacy just for paying their coffee or other small purchases with Bitcoin. Either way, it's an idiotic rule. I definitely can understand that people have to verify themselves when making use of exchanges, and to a certain extent also when making use of a Bitcoin ATM, but in this case it's beyond insane.

Annyway then you axchange with a local , it does not matter in the end...
scanning a id , also does not matter , a lot of corruption is still possible!

1Referee

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It's clear according to this article that cafes, schools and other merchants must verify the ID's of people using Bitcoin as payment option, but it doesn't mention anywhere what level of verification it really is. Is it just showing your ID to the merchant workers so that they see it's really you, or do they make a scan of your ID that is being saved everywhere you show your ID? In case of the latter, then obviously no one is going to sacrify their privacy just for paying their coffee or other small purchases with Bitcoin. Either way, it's an idiotic rule. I definitely can understand that people have to verify themselves when making use of exchanges, and to a certain extent also when making use of a Bitcoin ATM, but in this case it's beyond insane.

notthematrix

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who cares.
all gov blocking is futile!
https://www.youtube.com/watch?v=RRXecXfWARw

Slow death

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Quote

ID Required to Buy a Coffee With Bitcoin in the Czech Republic

In line with the recent legislative policy led by the European Commission, the Czech Republic government aims to create a more strict approach to cryptocurrency anonymity.

Czech Republic’s Ministry of Finance Enforces Cryptocurrency KYC Procedures

Bitcoin and cryptocurrency are a popular phenomenon in the Czech Republic and the city of Prague. The region has over 80 merchants that accept bitcoin and many popular cryptocurrency startups. Czech Republic officials have traditionally had a pretty lenient stance towards digital currencies. According to regional publication Právní rádce, authorities are now concerned with money laundering and terrorist financing through digital currencies.

On January 1, the Czech Republic initiated its cryptocurrency-related piece of legislation. The policy will require cryptocurrency exchange operators and other associated services to follow Know-Your-Customer (KYC) procedures. Exchanges must ask each customer for their identity card, gender, nationality, and address. “There is no longer any option for customers of bitcoin exchanges to hide behind false names or nicknames,” the new guidelines detail.

https://news.bitcoin.com/mandatory-to-show-id-to-buy-a-coffee-with-bitcoin-in-the-czech-republic/

Topic: [2017-01-31] ID Required to Buy a Coffee With Bitcoin in the Czech Republic (Read 559 times)