Topic: Declaring over $10k worth of cryptocurrency when flying (Read 3468 times)

I don’t have any idea what does airport regulation is referring to,, if worth 10000$ is it hard paper money?? or even a digital or virtual??.. The same way does a atm holder person will declare its money on security purposes or those only physical one.. Maybe I need to learn more about this.. It really needs some time to study much about our law that defines cryptocurrency prohibition and restrictions.. But I don’t know how or where to start,, if the law about bitcoin is still not even been pass or drafted..

You are not right. To Deposit cash in the customs Declaration you need. I can't say in all countries there is such a rule or not but I know many countries where this rule is. If you don't then you've confiscate currency. But this only applies to cash. On the credit card you can take out any amount. So I don't see the point to use for customs clearance of bitcoins

There are no such laws yet

Most likely, that's the way it is. Crypto currency at the border crossing is not necessary. In any case, your duties should be stipulated clearly in the customs regulations. Without this, there can be no additional duties.

don't bother:bitcoin is,in most cases,grey area in the country you are travelling to
even in the US there are no unified rules and the laws vary from state to state
so trying to declare your coins would be akin to sending a letter to IRS if you find a 100$ bill on the street-more headache than you bargained for
they would not know what to do with that
besides,technically,you do not "own" bitcoins,you have rights to transfer them around
so just relax and fly and try not to think about a possible full cavity search 

LOL look at all those blatant multiple account posts right there, totally not the same person

Think about it this way: you have $10k in cryptocurrency, but you also have debit cards and credit cards. Thos all have limits, but the government isn't going to make you declare those.

Nope! No need to declare something that you're not carrying. Digital assets FTW 

I agree. It's not on me, so I'm not going to declare it.

I don't think the airports/countries consider crypto as some you'd have to declare because it's a digital asset. Bu tone day they might

Even if they tried doing it, they can't. Can you imagine trying to explain crypto to a TSA agent? lol 

One day the machines TSA has will be able to scan for hard wallets lol.

Yea, I agree. virtual assets you don't have to declare. Unless you're cashing out $10k.

What a good question. How would you declare it? Unless you're carrying a cold wallet, right? But then, that means the government would have to know what one of those looks like in luggage...

As far as I am concerned I do not have any bitcoin "on" me while flying. I will not be declaring it.

I do not really see any reason in this..it is my sincere hope that government regulation does not stifle innovation.

Ok, I'm not sure which country you are flying into or out of, so I'm going to use US and Canada because I know this one. You need to look at the legal definitions of what you need to declare when they ask for currency and monetary instruments.

I have included definitions and links below, but neither the US or Canada under the current legal definitions would require the claim.

Even if they did, the worst they can do is seize your physical wallet, and since you should have a backup and you won't need to provide them the password you can just restore.

United States : https://www.fincen.gov/sites/default/files/shared/fin105_cmir.pdf

Currency:  The coin and paper money of the United States or any other country that is (1) designated as legal tender and that  (2) circulates and (3) is customarily accepted as a medium of exchange in the country of issuance.

Monetary Instruments— (1) Coin or currency of the United States or of any other country, (2) traveler’s checks in any form, (3) negotiable instruments (including checks, promissory notes, and money orders) in bearer form, endorsed without restriction, made out to a fictitious payee, or otherwise in such form that title thereto passes upon delivery, (4) incomplete instruments (including checks, promissory notes, and money orders) that are signed but on which the name of the payee has been omitted, and (5) securities or stock in bearer form or otherwise in such form that title thereto passes upon delivery. Monetary instruments do not include (i) checks or money orders made payable to the order of a named person which have not been endorsed or which bear restrictive endorsemenst, (ii) warehouse receipts, or (iii) bills of lading.


Canada :  http://www.cbsa-asfc.gc.ca/publications/forms-formulaires/e677-eng.html

Definitions
"Currency"
means current coins and bank notes issued by the Bank of Canada and coins and banks notes in the currency of countries other than Canada.

"Monetary Instruments"
means (a) securities, including stocks, bonds, debentures and treasury bills, in bearer form or in such other form as title to them passes upon delivery; and (b) negotiable instruments in bearer form, including banker's drafts, cheques, traveller's cheques and money orders, other than
(i) warehouse receipts or bills of lading, and
(ii) negotiable instruments that bear restrictive endorsements or a stamp for the purposes of clearing or are made payable to a named person and have not been endorsed.

I got an idea. Why not carry a coin purse with some symbolic bitcoins? They can say bitcoin on them. See what they say when you show them to them. 

I cant really see the sense in this...but some laws too are meaningless

Like when the tsa claim to have seen some bitcoins in a mans bag? XD Technically it's not on me, it's everywhere, so why would I claim anything?