Sovereign Man reports about a potential federal law that is “almost too ridiculous to believe.”
A new bill was brought before US Senate, “Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017.”
Cash, bitcoin even prepaid mobile phones, retail gift vouchers, etc. are seen as needing regulation.
The government want to used civil forfeiture to seize your assets – to take what they want without a trial.
“Money laundering” is the nomenclature they use to justify this new bill.
Too much cash? Anything over $10,000 is a government no-no.
In this bill the “misuse” of $10,000 allows them to seize ALL of your assets.
There are criminal penalties too. If you don’t fill out the right paperwork you can get up 10 years in prison. And they will try to increased the frequency and severity of wiretapping as well.
Stock brokers. Casinos. Currency exchanges. Precious metals dealers. All of these types of businesses will have to report to the government under new laws.
Cryptocurrencies are included under this bill. And that includes bitcoin, even thought there is no one single entity that issues bitcoin.
The Senate is make Bitcoin core software part of a money laundering operation. It’s basically just a war against cash, and one that is ratcheting up in the US as well as overseas.
The bottom line when it comes to many cryptocurrencies is that it is private money, that does not have a single issuer.
Of course if you read the major blockchain newsletters, you will find there is not a huge amount of discussion regarding these issues. Most articles actively call for regulation and seem to think it is necessary for the better functioning of private money.
They don’t discuss the way cyrptocurrencies have been developed – so that government can’t take them over.
You have the unusual situation of many newsletters in this area, actively suggesting regulation of what has been set up specifically not to be regulated.
That’s plain weird … and worse.
It may even result in governments changing laws to ensure that cryptocurrencies cannot function as planned.
But say that happens. People will just stop using the given currency and go on to something else. Or they may simply transact peer-to-peer. In such cases, building cases against individuals will be difficult indeed.
Until cryptocurrencies either cease to be popular or change to accept government interference, they will continue to undermine the status quo, There is only so much the government can do.
It is not a lot, unless you basically want to declare the entire currency illegal. Even then, people may simply continue to use it on a peer to peer basis.
That is why we have predicted the coming cyber war, either metaphorically or in reality.
Money is the root, the base, the heart of civilization and now, thanks to “new” money, it has been changed into something that is a good deal freer than the old currencies, including the US dollar.
Permit me to issue and control the money of a nation, and I care not who makes its laws!
This quote, apocryphal or not, expresses the strength of central banking and the control is exercises over certain kinds of money,
This is at the very heart of the upcoming war, which is in the process of being joined. A group of very powerful people want to control the new money just the way they have controlled the old money.
There will be a great deal of controversy and probably worse before the matter is resolved. And ultimately we may never see its full resolution.