US Bill Will Require Travelers to Declare their Crypto Holdings at the Border

"You need to give us your privacy in order to keep you safe for the problems we create!"

The Merkel:

The bill was first introduced a few weeks ago, on May 25, and it was named U.S. Bill S.1241. As mentioned, it was introduced by Sen. Chuck Grassley, but it has several other sponsors, including Sen. John Cornyn, Sen. Diane Feinstein, as well as Sen. Sheldon Whitehouse.

For the most part, this bill would affect travelers that wish to enter the US. Their biggest obligation would be the declaration of any and all currencies that could be exchanged to $10,000 or more. These funds must be made public whether the officials at the custom are able to detect them or not.

The obligation to declare these funds comes from US finance law, which says that any currency that accompanies the individual must be declared every time that he or she enters the country. Since digital currencies are under the owner’s full control at any and all times, they technically belong to this group as well. This is different from a bank account, or possessing precious metals since they aren’t following the holder, but instead, remain stored in a financial institution or another registered entity.

Source: https://themerkle.com/new-us-bill-will-require-travelers-entering-the-states-to-declare-bitcoin-at-the-border/
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