Among the comprehensive provisions of the bill, the government intends to broadly expand its authority to seize its assets through "Confiscation of civil assets."
The rules of confiscation of civil patrimony allow the government to take what they want from you, without a trial or any due process.
This new law adds a laundering list of infringements for which they can legally leverage their assets ... all of which pertain to money laundering and other financial crimes.
The problem increases here:
The bill also aims to include Bitcoin in the list of monetary instruments that must be reported upon entering or leaving the US.
So, theoretically, if you leave the US with more than $ 10,000 in Bitcoin or Ether, you would have to report this fact to the authorities or face the penalties mentioned above, ie prison time, civil confiscation, etc.
Thus, the Senate is essentially trying to force Bitcoin's core software to comply with money laundering regulations.
Source:
Congress.gov
Zerohedge
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Good, just makes the value of cryptocurrencies rise in value. The more governments out there that make it a legal "currency" in every aspect of the term, in the long run of the things the more the value of these currencies jumps.
"Thank you" is all I can say to them in the US Senate.
That's a good point of view.
Apparently it's not just BTC, they are targeting all 'Tokens' of value, and they expect to be able to open any type of wallet, device with an account holding $10k or above in 'tokens' They claim it's for money laundering and terrorism but in reality it's probably only another tax grab.
Going to the USA don't bring your wallets, devices etc if they have more than the allowable amount in that country.
The odd thing is that any bank account now most likely has access to over 10k if the account has it, do we not bring ANY devices in to the USA now? Or do we just not go there.
One of the key functions of my current professional position is to deal with US Customs and Border Protection (CBP).
CBP has routinely ruled, and US courts have routinely upheld the idea that CBP can force non-US citizens to open any electronic device and furthermore to open any website, profile, application, etc... failure to do so can lead to seizure of the electronic device and/or refusal of entry into the US.
US Citizens can be requested to open same types of devices - and those devices can still be seized but US citizens and legal residents can not be refused entry.
You could in theory save links, passwords, wallets, etc... on micro SD cards and store them within your baggage - all encrypted on the micro SD cards.
This is not a perfect solution but is a type of solution that is being utilized today. CBP can't search each person for micro SD's - but if YOU are on a watch list they will search you and find it.
Remember - when going through customs in just about ANY country, your are GUILTY until proven innocent - not the other way around. You have very limited rights in these circumstances. Make your choices about what to carry on your person accordingly.
Wow if the world new this how many would actually WANT to go there? What is a micro USB card, I think you might mean micro SD card. Wow, you should make this into a post.
Sorry - yes micro SD card - I've got USB on the brain due to some other issues!
@pqlenator - I don't think it would change much. Despite those ridiculously screwed up customs, the US continues to be a place where most immigrants will find better opportunity, unfortunately. It's much safer here too - although it's very clear, across the board, the darker you are the worse you're treated. For the stubborn and blind, the statistics are loud. Definitely agree with you though - @thoughtpower should make this comment into a more detailed post!
@thoughtpower - Thanks for the insight - it's pretty amazing what's going on within the US government...I am disheartened, angry, and passionate about fixing. This is great to know and I'm sure others will greatly appreciate your personal insight into this topic...simply cannot believe what's happening in the country.
@pqlenator @thoughtpower @crowdedmind Thank you all for sharing your views and bringing value to this discussion.
Can help this bitcoin gain popularity...nice sharing this blog...resteeming it
Thanks for the feedback and resteeming.
gov trying to take everything they can, good luck with that you have no way to track or detect it so how you going to confiscate it DUMBASS'S
If you acquire on a computer or mobile device, they'll be able to track it, if they don't already.
gangsters always want a piece of the action especially once the action starts to get hot. governments are the biggest gangsters in the world. how can they determine the 'value' of a cryptocurrency when it's in constant fluctuation? how can they 'seize' this 'asset' without having the corresponding key?
Its more than just cryptos and it sucks... Really really sucks. Freedom is rapidly dying in America.
The authorities will have a big problem with bitcoin crossing borders as bitcoin does not recognize borders. Hopefully this will be a further nail in the evil central banks and their puppet governments and expose them for what they really are gangsters and extortionists and opposes of freedom. @kevinace
Goverment always says it for your protection from terrorism to pass new laws.
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That's great!
