Cross-border payment methods, such as cryptocurrencies, allow individuals to transfer money internationally, often bypassing traditional banking systems. The Office of Foreign Assets Control (OFAC) sanctions countries for various political and security reasons, restricting financial transactions with these nations. Proponents argue that such a ban prevents financial support to regimes considered hostile or dangerous, ensuring compliance with international sanctions and national security policies. Opponents argue that it restricts humanitarian aid to families in need, infringes on personal freedoms, and that cryptocurrencies can provide a lifeline in crisis situations.
Narrow down the conversation to these participants:
State:
@ISIDEWITH11mos11MO
Yes
@B2JP85Q3mos3MO
If someone is able to set up and manage their own fiscal relations in the country I think they should be allowed to manage their own transactions across borders too, although it should be up to the individual to protect themselves against scams and likewise as they should be able to identify and brief themselves on such attacks
No, because the OFAC is an American agency, if we wish to ban cross-border payment methods to specific countries we should decide which countries by ourselves
@B2DNDWQ3mos3MO
No, but funds must be monitored, controlled and regulated to prevent financial support to hostile regimes, to ensure compliance with international sanctions and national security policies
@9TQ5HHD7mos7MO
No, but these methods must be strictly regulated by the Australian Federal Government in order to prevent terrorism.
@B4LNTNW2wks2W
If you didn’t import people from these countries it would not be a concern ! Crypto is vital to the new financial system
No, and Australia should refrain from sanctioning any country that is not a direct threat to our security
@B44XCPD1mo1MO
Depdending on what country that may be sanctioned like Russia may be fine but others may not be allowed
There should be regulations in place that would have citizens that use cyrptocurrency declare their intended purpose with it, or if they move a certain bracket of crypto in a certain amount of time. I'm not qualified to speak too much on Crypto.
Not all of the citizens of these countries are terrorists or criminals. As long as the government and security agencies are aware of it, then I have no problem
@B3QJFLB2mos2MO
A ban would do nothing to stop the money going to terror organizations, they would still get the money through to them some how.
@B3QG99Y2mos2MO
That's a tricky one to answer. I think it probably requires regulation. How a person chooses to use / spend their OWN money is their own business, and if they have relatives in said countries and crypto is the only method they have of getting money to them, they should not be prevented. At the same time, bad-faith actors in that space should not be able to funnel Australian money to corrupt, antagonistic, adversarial and/or despotic regimes and terror organisations, that could be used to violate human-rights and/or be used against our own nation's interests.
@B3KLPX62mos2MO
No, but it has to be very careful cross-border payments and is very strict in protecting against scammers
@B3GGX7Y2mos2MO
It should not be outright banned, but it should be regulated and checked to ensure they are sent to legitimate relatives and not dangerous and harmful groups or political parties
@B3FMPFD2mos2MO
I don't think it should be limited to these countries, instead all cross-border payments should be monitored
@B2YN53H 2mos2MO
I think if it's being sent to the country then whoever is sending it, needs to provide details of who it's going to. This can be cross referenced with a data base of known terrorists.
@B2XNM472mos2MO
No, A disclosure and permit system that enables survival support for relatives living in OFAC sanctioned countries would be reasonable.
@B2WYQRP2mos2MO
The money should be taxed but they should be able to send money so that OFAC citizens can safely leave their country.
@B2K7KYT3mos3MO
It is a complicated question. Cryptocurrency is unreliable, and should a ban on citizens using cross-border payment be implemented, the government should be expected to provide humanitarian aid in its place
No, however the governement should ensure that the money donated to families actually reach them and is not taken for thier own benefit.
@9W7FMBV6mos6MO
No but systems should be put in place to make sure the money does go to the person and not the government or anyone that OFAC doesn't approve of.
@9VTCP687mos7MO
Yes but beware that anyone who is trying to send money to baddies for bad purposes are always going to find a way to do it
@9TQPHWX7mos7MO
The repairs should citizens across there borders payment as required as said government feedback admins
@9TH5PZ27mos7MO
No, if it's used for humanitarian purposes but it should be monitored for illegal/terrorist activities.
@9RZM3V99mos9MO
No, but there must be strict regulation to prevent money financing foreign terror regimes.
@9RYVGW69mos9MO
No, because the OFAC is an American agency, if we wish to ban the use of cross-border payment methods to specific countries we should decide ourselves
@9RXTSTN9mos9MO
only if the money goes to people effected by war, famine, and homelessness
@9RWJMDC9mos9MO
No because the OFAC is an American agency, if we wish to ban cross border payments to certain countries we should decide ourselves
@9RSXS5H9mos9MO
No. But all financial actions by companies or rich individuals should be monitored by a government agency
@9RKZCVB9mos9MO
No, but there should be strict regulation in place in order to prevent such money funding terrorism.
@9QSS6M410mos10MO
People should need to apply to use this form of money exchange. Or report the use of it?
@9QS3S9L10mos10MO
No, but create an unbiased board that inspects and regulates such transfers in order to make sure the money gets where it needs to be.
@9Q8N33V10mos10MO
Yes, but to any overseas countries, not just specifically sanctioned ones
@9PDPBQY10mos10MO
No, but there should be increased oversight as to where the money will end up.
No, but with strict regulation as to where the money will end up.
@B2GBNLQ3mos3MO
Yes but only because crypto sucks Not care if you send money to North Korea and you should send money to Palestine. Weird you put Palestine and North Korea in the same boat
@B27XB5T 4mos4MO
I think government money/ Centrelink should be banned from doing so. But whatever income is generated from earnings doesn’t really matter. Maybe the government should introduce a cap to sending income overseas.
no but they should ensure the money makes its way to the intended receptor, and not the government of that country
Against the current governmental systems and policies of that country, yes. Against everyday citizens who need humanitarian aid and support, no.
If you are supporting family in a poverty stricken country and can prove that the money is to buy food and essential products then I think it it fine.
@9VC9M687mos7MO
It depends on what context or reasoning behind why they are sending money through a bank other then their home bank.
No, because the OFAC and is an American agency, if we want to ban cross border payment methods to particular countries we should decide ourselves
@9SMKKPV8mos8MO
The government should make sure the money being sent to OFAC sanctioned country are being sent to support families and people, not war or violent ventures.
@9S2XYG59mos9MO
No, because the OFAC is an American agency, if we want to ban cross-border payment methods to particular countries we should decide by ourselves
@ISIDEWITH7mos7MO
@ISIDEWITH7mos7MO
@ISIDEWITH7mos7MO
@ISIDEWITH7mos7MO
@ISIDEWITH7mos7MO
@ISIDEWITH7mos7MO
@B4WFDW52 days2D
Yes they should be but there needs to be proof showing that the person is using the money and not holding
@B3BKXMY 2mos2MO
No, if such transactions are suspicious, they can be investigated without adding restrictive regulations
@ISIDEWITH7mos7MO
@ISIDEWITH7mos7MO
@ISIDEWITH7mos7MO
@ISIDEWITH7mos7MO
Loading the political themes of users that engaged with this discussion
Loading data...
Join in on more popular conversations.
