I cashed out my money on a local remittance center but it was not easy. The teller asked where does the money come from. They thought it was a laundered money. This is what it feels like when there is no abiding laws about Cryptocurrency.

in rant •  8 years ago 

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I was like, "What?, when did you start to care about cryptocurrency?"

I was really shocked and pissed a bit when the teller told me that I need some government issued I.Ds for transacting money related to cryptocurrency spicifically Bitcoin because they think its a laundered money. This is my second time cashing out money thru this service cause i usually do bank transfer. The first was an easy one, maybe because the money isnt that much to be pulled out. But this time, cashing out a roughly 300$(PHP15,000 more or less) fiat was a big ache in my head.

I came first into their branch near to where I am residing. I handed out the paper filled up with my information and the amount of money including the transaction code. I've waited for 3mins and then they called my name. The teller told me, "Sorry sir but we are currently offline now. I will just recommend you to go to this branch and try it their..blah blah blah. " Then I started murmuring as I was moving out.

After that, I went to the next branch and the same thing happened, I was rejected but this time, the reason is that they don't have enough for my transaction. I was speechless and I gave them a tired and hard look. Few moments later they called the other branches nearby and they told me go there because they have enough money for me. And I was wondering that time how come they don't have enough money? There must be a deep reason behind these refusals.

Lastly, I arrived at the last branch. I hurriedly gave them the transaction paper and told them, "I was referred here by the other branches. I hope you enough money for me". And a shocking question was thrown out on me.

"Where does this money came from sir?"

Again, I was shocked, literally.

"Why on earth you care about where does this came from?"

I had that thought on mind, and I was planning to shout that on them but I hold back my temper and answer them without agitation, "This came from a certain cryptocurrency to fiat exchanger madam".

A certain Mr.Teller butt in and said, "We are fully aware about cryptocurrency especially Bitcoin sir. We are just following SOP here because this money might be a laundered money or illegally obtain."

**Okay I am ranting this time.

"Wait, this is unfair! Do I look like a money launderer? I know some rules and regulations about your service and I know about money confidentiality. Do you need some proofs?"

**Rant deminishes..

"Do you have some government issued IDs sir?" They asked. I gave them my driver's license and my Postal ID. A minute of silence covered the office and they gave out the money I needed.

I left the office and I won't ever do cryptocurrency transactions there in the future. They really kicked so hard on my butt and people giving me a strange gaze. Good thing there is steemit. A place where I can express my tirade and feel at ease.

Happy Steeming!

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That's crazy. I really don't know if things will get better or worse in the future. It's always awkward when a new technology comes along that redefines what money is. The state has no idea what to do and everyone is so afraid. Hopefully things will be more cut and dry in the future.

It is really crazy. I hope it will never happened again especially to those who are crypto enthusiasts.

So this was a sum of $300? I could spend more than that on groceries! What country/province are you doing this in?

You can see on my account to what country am I. :)

Is this in USA?

Nope. :)

ok :))

Saang local remittance ito?