Topic: Senate Bill S.1241 to prohibit the hiding of Cryptocurrency Ownership - page 2. (Read 693 times)
December 09, 2017, 01:38:27 AM
If this bill can only imposed to an exchanges that’s hold the client information then this is particularly relevant.. But if it is individually be mandatory for one to allow the authorities to harass a bitcoin holders is something we must be vigilant of.. If this will be passed the same in the country I’m residing now then it’s time to pack my things and stay to a more neutral environment for bitcoin users a country like japan..
December 08, 2017, 06:17:40 PM
For those who don't know, about news about Senate Bill S.1241 is going around. You can read the bill on here: https://www.congress.gov/bill/115th-congress/senate-bill/1241/text, basically (if passed) it would become illegal to hide (or attempt to hide) ownership of digital currencies.
What exactly "attempting to hide" a cryptocurrency would be interpreted as I do not know, just thought I'd get the news out.
What exactly "attempting to hide" a cryptocurrency would be interpreted as I do not know, just thought I'd get the news out.
nobody knows. it's pretty scary. cryptography itself is the science of coding and decoding messages. does that mean that by definition, encrypting wallet data would be considered "attempting to hide" it?
if it's simply a matter of declaration e.g. at the border or something, that's not a big deal. it's pretty unenforceable. but i can't tell, are they trying to build a database of cryptocurrency wallets linked to ID? that's pretty scary if so.
we can take some solace in the fact that they tried to pass another version of this bill in 2015 and failed. but now that bitcoin has the attention of regulators and the FED, i'm worried it might pass this time.
December 08, 2017, 04:29:38 PM
@darkangel11 I defiantly agree with you -- it all comes down to the definition of what "hiding ownership" is. As long as it's basically saying that I cannot go out of my way to hide ownership of my assets in the context of avoiding taxes, committing crimes, ect; but the terminology is a bit vague and I'm worried that it could end up being more than just that (or the doorway to something more) or that it could be combined with some sort of registry.
At the moment the bill isn't even passed though, and I don't go out of my way to hide assets at the moment, so I'm not all that worried.
Last, I'm sure many countries would follow suit (in the case that this is worse that it appears to be), so I don't think that moving would help all that much unless I don't mind living in a third world country.
At the moment the bill isn't even passed though, and I don't go out of my way to hide assets at the moment, so I'm not all that worried.
Last, I'm sure many countries would follow suit (in the case that this is worse that it appears to be), so I don't think that moving would help all that much unless I don't mind living in a third world country.
December 08, 2017, 03:26:07 PM
If by hide they'd mean to deny possession if approached by the authorities, I'd say it's bearable. It would be only used as courts and such in cases where people would try to hide their money (divorces, bankruptcies, debts). We can assume nobody would go from house to house asking people if they have any cryptocurrency.
If they are trying to force people to submit their names and addresses so that coins can be assigned to an ID in their "system" it would be a serious thing. If I were a wealthy bitcoiner living in the US I'd start packing.
On the other hand there's not much they can do to make people send them such statements. Say you got something that is fully legal and widely used and they pass a bill saying it's illegal, what do you do? Take all your alcohol and throw it out because they said it's now illegal, or throw away all your painkillers because they are illegal?
I'd say this case is just as ridiculous. Nobody is going to run to the authorities saying here's my address please note it down.
If they are trying to force people to submit their names and addresses so that coins can be assigned to an ID in their "system" it would be a serious thing. If I were a wealthy bitcoiner living in the US I'd start packing.
On the other hand there's not much they can do to make people send them such statements. Say you got something that is fully legal and widely used and they pass a bill saying it's illegal, what do you do? Take all your alcohol and throw it out because they said it's now illegal, or throw away all your painkillers because they are illegal?
I'd say this case is just as ridiculous. Nobody is going to run to the authorities saying here's my address please note it down.
December 08, 2017, 02:45:41 PM
For those who don't know, about news about Senate Bill S.1241 is going around. You can read the bill on here: https://www.congress.gov/bill/115th-congress/senate-bill/1241/text, basically (if passed) it would become illegal to hide (or attempt to hide) ownership of digital currencies.
What exactly "attempting to hide" a cryptocurrency would be interpreted as I do not know, just thought I'd get the news out.
What exactly "attempting to hide" a cryptocurrency would be interpreted as I do not know, just thought I'd get the news out.
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