Posted October 04, 2018 09:18:58Capital controls are often the subject of controversy, but some US citizens may want to avoid capital controls altogether if they can.
The US is currently considering a plan to loosen its capital controls.
Capital controls, if passed, would allow US citizens to move money from one country to another in the form of a cryptocurrency or virtual currency.
However, the cryptocurrency or digital currency would have to be backed by a certain amount of physical currency, with the aim of making transactions easier.
In addition, the new rule would allow the US government to seize and keep assets of US citizens, if the country was deemed to be a “primary financial hub.”
“It’s a great opportunity for US citizens,” says Andrew Krumm, an investment analyst at Morgan Stanley.
“It would allow them to move their money around as they like.”
Krumm says he believes that this could be a boon for US companies.
“A lot of companies are interested in being able to get their money out of the US,” he says.
“They don’t want to pay the US taxes and it’s just not a very easy way to do that.”
Kramm also thinks the move is a good one for US tech companies.
He says that many of them are currently struggling to stay afloat in a time when other countries are cutting their services to compete.
“I think that we’ll be seeing some big gains from this,” he predicts.
Krumk also believes that the move could help to ease some of the pressure on American companies that are in China and South Korea.