The Congress just forwarded a proposal that bans U.S. citizens from owning assets, such as Bitcoin and cash, outside of their banks without notifying them through writing.
After the proclamation of the Patriot Act, Americans had a difficult time doing whatever they want with their own cash. This is because the government wanted to observe and control all of the transactions that the citizens wish to conduct.
Nevertheless, the soar of cryptocurrencies, along with new worries brought by decentralized virtual cash could potentially begin a monetary crisis or magnify it. On May 25th, the Congress sent a bill that would make it illegal for citizens to carry medium-sized amount of assets, like Bitcoin and cash, without declaring it. They would have to accomplish new Federal Forms indicating how much they have, where they are keeping it and why they have it. Individuals who do not follow will have their assets confiscated or be imprisoned.
Just recently, the U.S. Senate received a new bill entitled, “Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017.” It basically states that Bitcoin and cash just cause dire consequences. This time around, they included safety deposit boxes, electronic coupon, prepaid mobile phones and retail gift vouchers.
The bill even indicated that the government intends to significantly extend their power to take the citizens assets using the “Civil Asset Forfeiture.” Its rules permit the government to get anything they want from the citizens without due process or trial. Not only that, the bill contains a number of offenses where they can legally confiscate the assets – all of which relate to financial crimes, like money laundering.
However, the authorities have immensely extended the meaning of ‘financial crimes’ and this includes not being able to accomplish a form if a business or individual happens to be transporting ‘financial instruments’ worth over USD 10,000.
In this day and age, Americans have to keep themselves updated with the bills to prevent legal seizures of assets just because they neglected to fill out a form. Better make sure that you aren’t one of them.