EddieJayonCrypto
20 Mar 25
The U.S. Treasury Department has issued an order for increased surveillance of cash transactions as low as $200 in select zip codes near the southwest border. While concerns have arisen about potential application to cryptocurrency transactions, experts suggest there's no cause for alarm. The order ...
The U.S. Treasury Department has ordered increased surveillance of cash transactions as low as $200 in specific zip codes near the U.S. southwest border. This has sparked concerns about potential impacts on cryptocurrency transactions, privacy rights, and financial autonomy. The order aims to combat criminal activities but has raised worries about intrusions into people's lives and financial privacy rights. The directive may lead individuals to consider alternative financial services, including cryptocurrency, due to the strict surveillance rules. However, experts suggest that digital asset owners should not be alarmed, as the order primarily targets money services businesses similar to Western Union. The order requires businesses in 30 specified zip codes across California and Texas to report cash transactions over $200, lowering the standard reporting threshold from $10,000. The surveillance efforts aim to combat the risk of criminal activities along the southwest border, specifically targeting money laundering activities conducted by drug cartels. While the increased monitoring may help thwart criminal activities, it could significantly intrude into the lives of individuals who frequently use alternative financial services, impacting their financial privacy. This order could also drive clients of traditional money services businesses towards alternative options, including cryptocurrency, despite the potential downsides of stringent surveillance. It's crucial to note that the temporary order does not apply to cryptocurrency firms, and digital asset holders should not be directly impacted. However, the broader implications of increased financial surveillance and its potential to drive individuals towards alternative financial services, including cryptocurrency, raise concerns about financial autonomy and privacy rights.