Forfeit Your Bitcoin? Congressional Bill Draws Fire Over Border Check Rules
A group of US lawmakers wants to see cryptocurrency holdings declared at the nation's border. Introduced last month, the Combating Money Laundering, Terrorist Financing and Counterfeiting Act of 2017 would bring a range of digital currency services under federal scrutiny, including those that provide transaction mixing services.
One provision states that citizens with cryptocurrency holdings must disclose them 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. One observer, Joe Ciccolo of Canada-based BitAML, noted:
"Earlier this decade, we saw a push to include 'prepaid access' such as gift cards. Law enforcement went so far as to pursue card readers to scan prepaid access devices for their balance. Now that digital currencies have gained traction, they've been included in the same conversation. As in the past, I suspect there will be strong opposition from across the financial services community."
I wonder what "in possession" means. Like on my phone? Total ownership? Frick'n Statists.
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