ForexMinute.com – The New York Times recently published a report about a new law enacted that allows Internal Revenue Service (IRS) to seize “suspicious” bank accounts. It simply means that the account of any regular Joe in the US can be closed without quoting any crime or misdemeanor. In other words, an innocent can now be tortured mentally based on speculations.
The Background Story
According to the available reports, IRS agents have been monitoring small businesses from a long time and noticed the owners making small but periodic cash deposits in their bank accounts. This is an “alleged” crime in which the accused are nothing but “accidental” criminals as they don’t know about any of such laws. IRS, on the other hand, believes in making no inquiry before seizing their accounts. According to their amended rulebook, cash deposits less than $10,000 are suspected and are assumed to be used for illegal purposed like terrorism, money laundering or drug trafficking. Somebody’s watching Breaking Bad very seriously!
A reporter from the New York Times asked a former IRS federal prosecutor, “Who are these criminals?” He answered, “middle class citizens with no criminal background.” And indeed they are. Take Carole Hinders, owner of a small Mexican restaurant, whose accounts were seized under the same law. Now the water-like debts have reached her neck, as she cannot access her funds anymore. Her 40-year old business is on the verge of collapse.
Cryptocurrency: Light at the End of the Tunnel
It is clear that the government is treating cash transactions like a sin (wonder why they create them at first place), and now the brutal IRS is literally giving people more reasons to switch to cryptocurrency transactions. A recent report published on CoinDesk.COM revealed that half of the America’s small businesses are uninterested in Bitcoin. That was before the enactment of the IRS law. But now with the changing landscape, it is possible that Bitcoin and any other cryptocurrency becomes the mascot for most of the US businesspersons.
Cryptocurrency allows each individual to be his own bank, as indicated by Bitcoin’s creator Satoshi Nakamoto himself. Now is the time for small US businesses to understand the friendly climate of Bitcoin as a currency. They can further opt altcoins like Dogecoin, Litecoin and Darkcoin to continue their business ventures without hassles. It’s time to act.
To contact the reporter of the story: Yashu Gola at firstname.lastname@example.org
The Background Story