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If you buy with KYC the government has a lower bound on how much bitcoin you have owned.
If you are meant to pay taxes when exchanging bitcoin for goods / services and you don't - you won't be able to claim you spent them without a fine (at best).
If you are meant to pay taxes when exchanging bitcoin for goods / services and you don't - you won't be able to claim you spent them without a fine (at best).
To claim that you lost your coins / had them stolen the government may require that you documented the loss / theft in advance.
Think adversarially. To convince a significant majority to 'voluntarily' give up their bitcoin they must simply make the risk:reward untenable.
Think adversarially. To convince a significant majority to 'voluntarily' give up their bitcoin they must simply make the risk:reward untenable.
1. Send a letter to every KYC'd bitcoiner in the country demanding all bitcoin is relinquished within 1 month.
2. Make a public example out of a few randomly selected individuals (both High and Low value) who did not comply.
3. Put up large bounties for information
2. Make a public example out of a few randomly selected individuals (both High and Low value) who did not comply.
3. Put up large bounties for information
Yes - There are ways to resist this. They need to be considered and explored before this happens.
1. Multi-Jurisdictional Multi-Sig Wallets
Spread cosigners between jurisdictions so that no one jurisdiction can compel a sufficient number of individuals.
1. Multi-Jurisdictional Multi-Sig Wallets
Spread cosigners between jurisdictions so that no one jurisdiction can compel a sufficient number of individuals.
2. Escape Jurisdiction
If there are any serious rumours about this kind of 6102 bitcoin seizure in your country consider getting out while you can. May not be easy.
Failing that, get your bitcoin out of that jurisdiction while you can - just in case.
If there are any serious rumours about this kind of 6102 bitcoin seizure in your country consider getting out while you can. May not be easy.
Failing that, get your bitcoin out of that jurisdiction while you can - just in case.
3. Obscure Trail
Break the deterministic links between the coins that you withdrew and the ones you hold. If the government can see that the coins you withdrew are moving after the order is made to relinquish... you are going to have a bad time.
Break the deterministic links between the coins that you withdrew and the ones you hold. If the government can see that the coins you withdrew are moving after the order is made to relinquish... you are going to have a bad time.
4. Neutralise Status
Deposit and sell the bitcoin you bought with KYC. You will still be on a list, but you will have no outstanding holdings which the government expects you to relinquish.
Deposit and sell the bitcoin you bought with KYC. You will still be on a list, but you will have no outstanding holdings which the government expects you to relinquish.
5. Spend and Document
Spending your KYC'd bitcoin? Keep a record and if you can, keep evidence. If you owe taxes for exchanging bitcoin for goods or services *pay them*. Avoid a fine (or worse) later.
Spending your KYC'd bitcoin? Keep a record and if you can, keep evidence. If you owe taxes for exchanging bitcoin for goods or services *pay them*. Avoid a fine (or worse) later.
6. Document Loss
If you do lose access to your bitcoin (through loss or theft), do what you can to make sure that this is documented. Might be some creative solutions here, most basic is getting something with all relevant information (support logs?) notarised at the time.
If you do lose access to your bitcoin (through loss or theft), do what you can to make sure that this is documented. Might be some creative solutions here, most basic is getting something with all relevant information (support logs?) notarised at the time.
That's all for now. Please share your thoughts & criticisms.
You might think it's an unlikely scenario in YOUR country, but its likely that this will happen in A country.
And don't forget - Executive Order 6102 happened in the USA!
You might think it's an unlikely scenario in YOUR country, but its likely that this will happen in A country.
And don't forget - Executive Order 6102 happened in the USA!
