Proposed US Bill Would Require Declaration of Digital Currencies of Holders Entering the United States in Excess of $10,000.

Bill would require the U.S. Secretary of Homeland Security and Commissioner of U.S. Customs and Border Protection, to devise a strategy to interdict and detect digital currencies at U.S. border crossings and other ports of entry.

Watch “Bill Would Require a Declaration of Digital Currency Holdings at the Border”







Any Bitcoin, Ethereum, Litecoin or Dash to Declare?

A bill introduced by Sen. Chuck Grassley [R-IA] on 05/25/2017 and co-sponsored by Sen. Diane Feinstein [D-CA], Sen. John Cornyn [R-TX] and Sen. Sheldon Whitehouse [D-RI] aims to stop undetected and undeclared funds that cross the U.S. border in the form of digital currencies.

Proposed US Bill S.1241 – Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017, contains a provision that would require the Secretary of Homeland Security and the Commissioner of U.S. Customs and Border Protection to devise a “border protection strategy to interdict and detect prepaid access devices, digital currencies, or other similar instruments, at border crossings and other ports of entry for the United States, including an assessment of infrastructure needed [emphasis added] to carry out the strategy.”

The respective Secretary and Commissioner would present their findings to Congress no later than 18 months after passage of the bill.

Travel with Cryptocurrenicies, Leave the Gold at Home

The obligation to declare amounts in any form over $10,000 exists, irrespective of whether custom officials have a way of detecting such holdings. Since digital currencies technically travel with the holder where ever the holder goes, one would have to declare one’s entire crypto portfolio each time the holder entered the U.S. Such a declaration is not required for travelers who may happen to have bank accounts or precious metals worth more than $10,000 stored outside the United States.

The type of infrastructure required to detect foreign holdings may come in the form of (i) expanding Foreign Account Tax Compliance Act to currently unregulated foreign crypto currency exchanges and to non U.S. citizens. FATCA currently only applies to U.S account holders of certain foreign financial and non financial institutions; (ii) some type of global monitoring of blockchain activity; or (iii) extreme vetting at the border and penalties for non disclosure that would encourage full disclosure.

You can buy Bitcoin, Ethereum and Litecoin through Coinbase.

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