The US Senate has passed a bill that all travelers entering the country must declare if they have more than $ 10,000 in digital monetary assets. Despite growing concerns about the aggressive nature of the bill, the likelihood that it will pass and pass this stage is very low due to the challenging infrastructure required.
“This is a step towards 1934,” said David Siegel, founder of Twenty Thirty AG and a Bitcoin enthusiast. The bill requires a joint report by Secretary of State, Secretary of the Interior and US Customs to Congress, which must meet the following conditions within 12 months of the enactment:
1: Details of the strategy for prohibiting and detecting prepaid access devices, digital currencies, or other similar devices at U.S. border crossings and other ports of entry; And
2: Assess the infrastructure needed to implement the strategy
The amount of technology that must be developed to enforce the US Digital Exchange Rate Act is incredible. How can they be identified?
Bill S.1241, by defining the US monetary instrument in Section 5312, Title 31, adds the US Code to “prepaid access devices.”
Specifically, an “prepaid access” device means an electronic device or vehicle such as a card, page, code, number, electronic serial number, mobile identification number, personal ID number, or other tools of a portal for a fund or value Provides assets that have been paid in advance and can be recovered and transferred to some locations in the future.
These prepaid access devices can include electronic accounts, encrypted wallets and even private keys. These are all portals where people can access their private assets.
Therefore, individuals with a cryptocurrency value of more than $ 10,000 in the Blockchaink must declare their net cryptocurrency value to the United States Government through an International Money Transfer Report or other monetary instrument.
Punishment for not reporting can include five years in prison and deprivation of these funds in the form of criminal and civilian punishments.
The bill was formally introduced on May 25, 2017 by Sen. Chuck Grassley “R-IA” as “Combating Money Laundering, Terrorist Financing Programs, and Fraud in 2017.”
Source : Iran Blockchaink Laboratory