New Proposed Update to Law - Anti-Money Laundering Crypto Capital Controls

in #cryptocurrency7 years ago

https://www.silverdoctors.com/headlines/finance-news/proposed-law-to-target-bitcoin-ethereum-and-cryptocurrencies-in-the-us/

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.

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And crypto travels safely trough border control in your brain by means of a pass phrase.

Hahahaha)))..good..