So that is finally starting next year? I hate it so much. The government is not entitled to taxes on what I pay people back. And yes, I pay people back well more than $600/yr, typically a few thousand. This is gonna be a huge PITA. Cash was never tracked like this. If they're going to track us this closely, then they need to do like Sweden and just send me a tax bill to sign off on each year so I don't have to waste all that time filing myself. Otherwise we are getting the worst of both worlds: They know every single dime going in and out of our accounts, while making us also account for it separately, and if it doesn't match then we get in trouble. It's so stupid.I wonder if this will eventually get used for tax purposes? 🤔
I remember people on Twitter kicking up a fuss since you could potentially be taxed if you receive more than $600 on PayPal (it used to require at least $20,000 before the IRS got involved). I imagine the government wants its "fair share" of your Apple Cash transactions too. 😝
I think you're describing the US dollar. Do you own research. don't parrot what the Gov (Cough Elizabeth Warrren Cough) says.Sure, wasting energy, increasing carbon emissions, money laundering, drugs by mail, avoiding sanctions, terrorism funding, ransomware..
I think you're describing the US dollar. Do you own research. don't parrot what the Gov (Cough Elizabeth Warrren Cough) says.
Don't understand the American tax system, I've seen the Simpsons episode and it seems you all have to fill in and file taxes every year accounting for every penny (cent), how many kids, expenses everything, Nothing like that here, if you have a wage you never see a tax form, never even to sign it off, your employer does PAYE (pay as you earn) and that's it, unless you have a hobby which you earn money from, then you would need to do a self assessment, or if you were self employed, but the majority of people never see or hear from the HMRC. The American system is very odd to me.So that is finally starting next year? I hate it so much. The government is not entitled to taxes on what I pay people back. And yes, I pay people back well more than $600/yr, typically a few thousand. This is gonna be a huge PITA. Cash was never tracked like this. If they're going to track us this closely, then they need to do like Sweden and just send me a tax bill to sign off on each year so I don't have to waste all that time filing myself. Otherwise we are getting the worst of both worlds: They know every single dime going in and out of our accounts, while making us also account for it separately, and if it doesn't match then we get in trouble. It's so stupid.
Because what your face looks like isn’t the same thing as your legal identity and because the faceid data does not and should not leave your device.What's KYC? "Know Your Customer"?
I wonder by the phone's FaceID camera isn't a biometric that can be accepted. Why does it have to be a scan of some photo ID.
You’re thinking of a CTR currency transaction report. KYC is a basic requirement just to open most deposit accounts.I thought the KYC threshold in the United States was $10,000. Does anyone know? I do know it is different in other countries. And international transfers are different than domestic?
I see. So are the biometric (uploading ID) Apple is receiving data that they could send to the government if the government demands?Because what your face looks like isn’t the same thing as your legal identity and because the faceid data does not and should not leave your device.
I’m sorry you’ve been terribly misinformed. Your talking points are similar to Mrs Warren. Bitcoin has the opportunity to bring economic equality to everyone and the world. The “bad for the environment” argument is misguided. Bitcoin miners have shown to capture things like off gas from oil drilling and utilize it for their miners. El Salvador mines with geothermal energy from a volcano. There are many such cases of bitcoin miners using these otherwise wasted energy sources. Also the US dollar (in the form of cash) has funded many terrorists groups (such Al Qeda (spell check)), and is the preferred method of transaction for drug deals and money laundering. Bitcoin transactions are easily traceable on the blockchain. Once again I am sorry but you are misinformedI couldn't pick Elizabeth Warren out of a crowd, nor do I care what anyone in the government thinks about such things. Proof-of-work crypto is just irresponsible.
My info is my from own research, and from someone who mined BTC back when you could only use it buy Llama socks and Pizza. Thank you.
You forgot the main use case for crypto overall - scamming people out, so the cryptobros can end up with other people's real money in the end.Sure, wasting energy, increasing carbon emissions, money laundering, drugs by mail, avoiding sanctions, terrorism funding, ransomware..
Doesn't sound like this is a per transaction requirement, just a get verified once to have access to the higher limits.
Now… separately entirely and to the general audience. I use Apple Cash to fund my kids allowances. How in the world am I going to get an ID verification for them after this threshold? Their passports?
KYC is broken because Apple doesn't know who you are to the required degree (checking ID, etc). I can use my apple cash card without tying it to anything but my Apple ID. I didn't need to provide photo ID when I opened my Apple ID account.
You can tie your Apple Cash to a bank account but that doesn't ID you since you are initiating the connection FROM Apple TO the account. Zelle is different since it's owned by the banks and you initiate creating your account from your bank.
No, being verified once to access the higher limits already existed ever since Apple Cash launched. This does seem to be a new per transaction id verification in addition to the one that always existed.
Nope. The first time they may ask for a fair amount of information, but you only need to re-verify occasionally (based in part on your usage):
Verify your identity for Apple Card or Apple Cash - Apple Support
To protect your account, you might be asked to verify your identity when using Apple Cash or applying for Apple Card.support.apple.com
That’s how it’s been until now, but apparently they’re about to start doing it per transaction according to macrumors’ article.
We're pumpingSure, wasting energy, increasing carbon emissions, money laundering, drugs by mail, avoiding sanctions, terrorism funding, ransomware..