A group of US lawmakers wants to see cryptocurrency holdings declared at the nation's border. US Congressional Bill S 1241 would make such holdings subject to disclosure requirements at US customs checkpoints. This means if a person trying to enter the country has more than $10,000 worth of bitcoin in their possession, under the proposed legal change, they would need to inform the relevant authorities.
Investor and writer Simon Black, who pens the Sovereign Man blog, took aim at this aspect of the bill by declaring that, in the eyes of the US government, "bitcoin is evil" and should be up for grabs by border agents.
"So, theoretically if you leave the US with more than $10,000 in bitcoin or ether, you'd have to confess this fact to the authorities or otherwise face the aforementioned penalties, ie prison time, civil asset forfeiture, etc," Black wrote.
"HOORAY FREEDOM!" he added.
Check out the link below for details:
http://www.coindesk.com/forfeit-bitcoin-congressional-bill-draws-fire-border-check-rules/