New Proposed Update to Law - Anti-Money Laundering Crypto Capital Controls
Anti-money laundering rules?
Sounds scary. But nothing new here. If you have a foreign bank account in excess of (I believe) $10,000 USD, you must report it to the financial crimes division of the US government every year. If you cross borders, you must declare any money in excess of $10,000. This is no different in terms of the government trying to CONTROL capital (and capital flight).
If you aren't a criminal, don't worry.
If you are a criminal, don't worry. You can just as easily mail yourself a paper wallet, USB, mobile phone, etc. Government will have almost no way of enforcing this.
The days of smuggling suitcases full of cash, or wearing a gold chain-mail shirt through the airport are over.
And crypto travels safely trough border control in your brain by means of a pass phrase.
Hahahaha)))..good..