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posted by Fnord666 on Friday June 23 2017, @06:12PM   Printer-friendly
from the bitcoins-are-like-cash dept.

U.S. Congress wants to pass a bill that would put serious fines ($10K for bitcoins as opposed to $5K for cash, IIRC) and jail time (ten years, as opposed to five IIRC) if you cross the border without reporting your bitcoins (in addition to confiscating your bitcoins of course).

http://www.coindesk.com/forfeit-bitcoin-congressional-bill-draws-fire-border-check-rules/

A group of US lawmakers wants to see cryptocurrency holdings declared at the nation's border – and advocates of the tech are pushing back.

Introduced last month, the Combating Money Laundering, Terrorist Financing and Counterfeiting Act of 2017 – which is actually the third iteration of a bill that debuted in 2011 – would bring a range of digital currency services under federal scrutiny, including those that provide transaction mixing services.

Yet, the provision that has attracted the particular ire of cryptocurrency advocates – especially those who prefer a regulation-light environment – is one that would make such holdings subject to disclosure requirements at US customs checkpoints. This means if a person trying to enter the country has more than $10,000 worth of bitcoin in their possession, under the proposed legal change, they would need to inform the relevant authorities.

Such requirements are already in place for payment methods like cash. But given the rising public profile of cryptocurrencies like bitcoin, coupled with the perception among policymakers that they could be used to fund terrorist activities, is driving legislative efforts like the bill currently under consideration.

[...] Thus far, the bill hasn't advanced significantly since being introduced last month, public records show. On 25th May, the measure was referred to the Senate Judiciary Committee for further consideration.

At press time, representatives for Senators Chuck Grassley and Diane Feinstein hadn't responded to CoinDesk requests for comment. The bill is also being sponsored by Senators John Cornyn and Sheldon Whitehouse, constituting a group of two Republicans and two Democrats.


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  • (Score: 3, Touché) by jdavidb on Friday June 23 2017, @08:05PM (7 children)

    by jdavidb (5690) on Friday June 23 2017, @08:05PM (#530208) Homepage Journal
    1. Deposit Bitcoin in Coinbase
    2. Cross border; declare 0 Bitcoin in possession
    3. Withdraw Bitcoin from Coinbase

    If you are genuinely up to no good this probably works even better if you pick a provider besides Coinbase. Or sell everything for another digital currency that provides more privacy like ZCash.

    --
    ⓋⒶ☮✝🕊 Secession is the right of all sentient beings
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  • (Score: 5, Insightful) by JNCF on Friday June 23 2017, @08:24PM (6 children)

    by JNCF (4317) on Friday June 23 2017, @08:24PM (#530215) Journal

    If you are genuinely up to no good you can memorize a brainwallet [bitcoin.it] and then lie. This will work until congress approves funding for improved EEG headsets at border crossings in 2032, the shitty ones they roll out in 2026 will just be security theatre.

    • (Score: 2) by edIII on Friday June 23 2017, @09:06PM (5 children)

      by edIII (791) on Friday June 23 2017, @09:06PM (#530239)

      This will work until congress approves funding for improved EEG headsets at border crossings in 2032,

      Not me. I will become a domestic terrorist and attempt to overthrow the government before they think they can just put something on my head and extract out all of the information. That is the most severe and invasive attack against a citizen's privacy. At that point, there would be no legitimate government, and even our Founding Fathers would rise up in a new revolution.

      The world you describe has no freedoms. It's quite pertinent to point out that rich people (aka the Elites) have private aircraft, airports, and are not subject to the TSA in the same way. Do you think Trump ever had his private bags checked before boarding his plane? Fucking doubtful.

      So those anti-Freedom headsets would be subject to the Caste system that we have. It would never be used on the Elites. Same thing with this law. Elites traveling with Bitcoin will never be subject to the same invasive searches.

      --
      Technically, lunchtime is at any moment. It's just a wave function.
      • (Score: 2) by mhajicek on Friday June 23 2017, @09:50PM (2 children)

        by mhajicek (51) on Friday June 23 2017, @09:50PM (#530266)

        It's closer than you think.

        --
        The spacelike surfaces of time foliations can have a cusp at the surface of discontinuity. - P. Hajicek
        • (Score: 2) by kaszz on Saturday June 24 2017, @12:08AM (1 child)

          by kaszz (4211) on Saturday June 24 2017, @12:08AM (#530328) Journal

          Once the elites control thought, information, genetics, assets and physical movement. It might be hard to fight back. Almost like a third reich "done right". Previous dictatorships had builtin poison pills that made them to implode.

          Can't be inclined to, thoughts will be deterred if they happen, can't tell anyone, can't go anywhere nor have the means to do something.

          • (Score: 3, Insightful) by edIII on Saturday June 24 2017, @01:38AM

            by edIII (791) on Saturday June 24 2017, @01:38AM (#530374)

            More, and more, I'm starting to see the Matrix character Smith's point of view when it comes to humanity. One or two little humans may be cute, but you leave them alone for a few minutes in the garden, and Boom! Your whole planet is gone.

            Humanity, not even once.

            --
            Technically, lunchtime is at any moment. It's just a wave function.
      • (Score: 0) by Anonymous Coward on Saturday June 24 2017, @03:55AM (1 child)

        by Anonymous Coward on Saturday June 24 2017, @03:55AM (#530432)

        ahahahaha elites with bitcoin. they. aren't. that. fucking. stupid. to. buy. that. pixie. dust.

        • (Score: 3, Insightful) by kaszz on Saturday June 24 2017, @04:46AM

          by kaszz (4211) on Saturday June 24 2017, @04:46AM (#530448) Journal

          If bitcoin has no value. Why does the government care?

          Besides the advantage with bitcoin is that you can organize trade. Investments or storage is not the point.