Taking BTC hardware wallets thru int’l. airports. _ Bitcoin u s anti money laundering laws

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I’m about to finish reading up on hardware wallets and hopefully have made a decision on which one to purchase by tomorrow.

So far I’ve read about trezor and will probably purchase that one.

I’m a USA citizen. I’m planning on traveling abroad for several months, so I’d bring the trezor and cable for my android with me.

But on re-entry to the USA, I’m worried about customs.

The USA customs can be very abusive and have no regard for privacy.

If asked to explain the trezor, it could lead to problems with further explanation needed, etc.U s anti money laundering laws

E.G., this is pretty typical of US gov bureaucrats mindset:

Ex-FBI chief: virtual currencies hinder criminal investigations

May 11, 2017 at 18:34 | stan higgins

The federal bureau of investigation’s work is being hampered by the criminal use of virtual currencies.

Http://www.Coindesk.Com/james-comey-fbi-virtual-currencies/

Customs have the right to seize one’s phone, computer, and probably a trezor, and keep them for up to 3 months, for USA citizens re-entering the USA. There are diminished rights at the US’ borders upon re-entry.

Imo, eventually we’ll see a reddit post of someone’s btc storage device being (temporarily) seized.

Hopefully, not mine.

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I started this thread 1 month ago.

The majority of people who expressed an opinion thought I was being unnecessarily paranoid.

Since then, the house of representatives is considering the ‘homeland security assessment of terrorists use of virtual currencies act,’ which calls for the government to conduct an investigation into whether virtual currencies like bitcoin could be more security trouble than they’re worth.U s anti money laundering laws

Https://www.Inverse.Com/article/31672-bitcoin-isis-congress

As well as this:

Forfeit your bitcoin? Congressional bill draws fire over border check rules

A group of US lawmakers wants to see cryptocurrency holdings declared at the nation’s border – and advocates of the tech are pushing back.

Introduced last month, the combating money laundering, terrorist financing and counterfeiting act of 2017 – which is actually the third iteration of a bill that debuted in 2011 – would bring a range of digital currency services under federal scrutiny, including those that provide transaction mixing services.

Yet, the provision that has attracted the particular ire of cryptocurrency advocates – especially those who prefer a regulation-light environment – is one that 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.U s anti money laundering laws

Http://www.Coindesk.Com/forfeit-bitcoin-congressional-bill-draws-fire-border-check-rules/

Going back over 3 years ago, the TSA thought they saw bitcoins in someone’s airport baggage and wanted to count it to make sure he wasn’t carrying over 10k without declaring it.

Https://www.Youtube.Com/watch?V=zslwpcrv49yfeature=youtu.Be

Be careful flying internationally.

And be careful driving in the USA – once the thieves with badges realize that people have wallets on their phone with btc they’ll start seizing them under the forfeiture laws if they can come up with an excuse.

These forfeitures (legal thefts) fund many police departments.

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Several people have made a similar suggestion.

I would not do this if it involves outright lying about the value of the btc stored on the device.

So far apparently it’s been working for those who do that, but if they ever seized one they have the right to keep it for up to (I believe) 3 months.U s anti money laundering laws

If they find more on there than stated, one is now open to them seizing the btc plus lying to border and customs.

From reading about trezor, I don’t see them being able to get in and see what’s actually there, but I don’t like the situation.

I’d rather tell them it’s a 2FA device which it is basically and see how that goes.

Since the US has classified BTC as a capital asset and not currency, I don’t see how one would be expected to declare the value of it when re-entering the country so afaik that’s not an issue.

Any accountants here or others who know for sure the answer to that?

The US gov – federal, state, and local – love to seize money under any pretext they feel they can get away with, and do so on a regular basis.

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