Ban of cash: the state forces you to use bank accounts
Spying & tracking & blocking of all your transactions
Misuse by credit card / banking employees & hackers
Information exchanged by OECD CRS can be leaked (by potential hacking attack or internal employees)
Because it is an effective protection against seizure of your assets by the government
KYC database of Bittrex, Poloniex, Bitfinex, and Binance was hacked & sold at the black markets (45 USD for scan of passport/ID + proof of address + selfie)
Will you report my transfers to the tax authorities?
TransferWise Limited is a UK company authorised by the Financial Conduct Authority as an Electronic Money Institution. We are still evaluating the impact of the Common Reporting Standards, including FATCA, to our business and how we will adopt the new requirements. At this time we are not reporting this information to HMRC or any other tax authority.