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by bduerst
4479 days ago
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But how does that apply here? You specifically said: > For the whole fingerprint, photo, ID, social security, etc. dance, let's place the blame squarely on the proper shoulders here: the U.S. government. I don't have to take a photo, give social security, or scan a hand print when I exchange foreign currency with a money transmitter... |
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1. FinCEN has declared that a Bitcoin exchange (such as this ATM) is not subject to the same laws as foreign exchanges, but rather is a money transmitter, and thus subject to much stricter regulation (such as identification required starting at $0 instead of $1000).
2. When was the last time you exchanged foreign money in the U.S.? When I last exchanged foreign currency in the U.S. (in the past few years), I needed to provide a photo ID and my social security no. I believe this is strictly required only when you exchange over $1000, but many exchanges require them for all transactions.
3. Note that when you provide a photo ID, the end result is the same as if they had taken a photograph on the spot (your photo is copied and filed).