Worrying news from the Land of the Free: The Congress is in the talks to pass a bill that would criminalise concealed ownership of cryptocurrencies.
For the Americans looking to get into crypto, the time to make their move is right now.
The S.1241: Modernizing AML Laws to Combat Money Laundering and Terrorist Financing bill would redefine “financial institution” to cover also those individuals who own crypto currencies. Nice going, folks. The Luddites are in concert with the Big Government guys on this. Testimonies from the meeting on 28 November can be found here
In short that is to say that if you own cryptos and don’t disclose it, then you are committing a criminal act. After all, the government has every right to know every single detail about your life, right? Right? A well written analysis of the proceedings and their implications found on btcmanager.com
To my understanding, this is a continuation of earlier amendment to the legislation Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017 (section 13) which makes it illegal to not to disclose if you own more than $10,000 worth of cryptocurrencies when passing a U.S. customs point.
It is reassuring to note that the legislators are waking up to the reality of it all. Cryptos are moving from the edges of the society into mainstream. But then again, do we want to be regulated until we strangle? At least half of the philosophy behind cryptos is pro-individual with a slight aftertaste of anti-State. And I get the fact that states will do everything they can to squeeze out every last drop of tax money they can, since their existence depends on it. I am confident that is not the end of the attempt to control every facet of cryptos. There will be more bills to mandate that you must disclose where you bought, from who, for how much etc. Your private life won’t be private and you’ll be taxed until you love it (to paraphrase Tyson)
That doesn’t mean that we have to go along with it, however. The bill is not yet enacted into law.
What is there to do then?
This is especially relevant to all Real Americans ™ out there. Buy Bitcoins, preferably without linking your real world ID (bank account, email, heaven forbid actual ID) and turn them into Moneros. If you don’t know how to buy Bitcoins, turn to the guide I wrote earlier, found here. If you are unsure why Monero, then read this.
After you have those BTC’s, create your Monero wallet. Detailed and simple guide can be found at www.getmonero.org
A word of warning: Be extremely careful and be sure to use only official sites. Be paranoid. Don’t click the links I provided, type the links yourself, or google them. But if you do google, don’t click on the links that the ads provide, but scroll a bit further down and see the search results. With the popularity (and should say, notoriety) that XMR has had, there are several scams online right now. Scam sites masquerading as legit ones etc.
Once that wallet has been created, we need to turn those BTC’s into XMR. Head over to either shapeshift.io, xmr.to or (not recommended) changelly.com. Personally I’ve never had bad experiences with changelly.com, but there again there are plenty of cautionary tales floating about in the cyberspaces. My choice would be xmr.to.
From there on out you must switch those BTC’s to Moneros. See the guides on the sites, it is not too complicated.
After you’ve done that, no one can tell if you have XMR and how many you might have. Maybe then get out of Dodge, relocate somewhere nicer.
Or stay put. Obviously you as a law abiding citizen will file your tax papers and gladly pay your share.
Or perhaps you are cut from a different cloth. Some say “I’ll give you my XMR when you pry them from my dead, cold laptop.”