Quote:
Originally Posted by Dreamteam
@Ruth
It's only a matter of time for some other company to replace paxum because we need "ONE SYSTEM" for all and everyone.
Take my word, ... in 6 months from now you'll deeply regret this (stupid) decision.
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Pretty sure they won't regret this, it's not like they have a choice. It's either closing US accounts or go out of business completely. Also pretty sure there won't be some other company to replace them. It is very hard and expensive to offer a service like Paxum in the US due to all the financial regulations there like FATCA
https://en.wikipedia.org/wiki/Foreig...Compliance_Act
Services like Paxum will eventually stop to exist because it's getting stricter and stricter in the rest of the world too. Like CRS which is like a worldwide FATCA
https://en.wikipedia.org/wiki/Common_Reporting_Standard which is already live in most first world countries and many more counties already signed to join
In general banking also a lot is changing over the past years, like for example many EU banks have closed and stopped offering USD accounts for EU companies.
Also to even have a normal personal bank account in another country is getting harder and harder by the year, especially with CRS being implemented by more and more countries. I used to bank abroad quite a bit, but now they all want proof that I pay my taxes somewhere else and if I don't provide that they close my account.
Eventually it will be almost impossible to use any kind of offshore bank or online payment service like Paxum. Maybe crypto/blockchain will eventually be a solid solution, but governments will probably try to do anything to prevent that from happening.