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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.
(Score: 2) by krishnoid on Friday June 23 2017, @09:50PM (3 children)
I think they understand technology as much as the next Joe Average Ex-lawyer. IMHO, what we're seeing here is the start of the collision between:
Funding terrorism is one issue; but allowing a sizable contender to government-issued currency? What government is going to be happy with that running around unrestricted?
(Score: 2) by frojack on Friday June 23 2017, @10:54PM (1 child)
The terrorism angle is just a convenient hook to hang more regulations.
What government wouldn't want people bringing in large sums of money?? That's just crazy.
Stocks and bonds and foreign bank accounts, Bitcoins and IOs !! Bring them all!
You're going to spend them somewhere, it might as well be here.
The real fear is that you will take out large sums of money. Or perhaps evade taxes. Horrors!!
No, you are mistaken. I've always had this sig.
(Score: 1) by nitehawk214 on Friday June 23 2017, @11:12PM
If people bring in untaxed money and spend it on the black market, they might have a problem.
It's still none of the government's good damned business, though.
"Don't you ever miss the days when you used to be nostalgic?" -Loiosh
(Score: 2) by kaszz on Friday June 23 2017, @11:33PM
I think it's more a ground shaking movement of control that is for all to see the consequences of. Individual or associations of them have moved the border line in the sand for power over valuables and information such that the government has shrunk in influence or potential such. However the government still have the physical force to play with. The catch is that it might be worthless without knowing where, when and how to apply it. Any step outside of the defined possibilities may have negative value.
A critical weak point is that you can cross the border naked and still carry trillions of US$ in value.