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Travellers To The US Would Need To Declare Bitcoin At The Border

Travellers To The US Would Need To Declare Bitcoin At The Border

Senator Chuck Grassley introduced a new Congressional bill. If this bill is passed, it would likely affect the cryptocurrency investors around the globe.

It is intended to provide the border with a better protection strategy. The bill further targets a crackdown on bringing on undeclared assets in the form of cryptocurrencies by the visitors to the US.

 The bill would likely affect the travellers visiting the US, as they would be obliged to declare any currency that could be exchanged for $10,000 or more.

It would be an obligation to declare these funds as they come under US finance law, according to which it’s mandatory to declare any currency that is carried by the individual every time the individual enters the country. Digital currencies belong to this group since they are under the owner’s full control at any time.

This leaves many thinking as for how the federal government plans to detect the possession of digital currencies and their exact amount?

As for now, the options are if the foreign exchange of cryptocurrencies is regulated and global monitoring system that would be able to watch over the blockchain ledgers.