(Kitco News) - The holiday travel season is well underway and for some bitcoin investors, heading to the airport can create some anxiety as the digital currency continues to trade at elevated levels around $14,000.

International travelers entering the U.S. or Canada have to declare any money or negotiable monetary instruments – traveler’s checks or money orders -- valued at more than $10,000. If the money is not declared, it can be confiscated and the people traveling could face fines and criminal penalties.

However, bitcoin investors traveling with digital wallets don’t have to worry as they don’t have to declare the value of their bitcoins while traveling out of the country.

“Cryptocurrencies such as bitcoin do not fall under the definition of cash or monetary instruments under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA),” said a senior communication advisor for the Canadian Border Service Agency, in an email to Kitco News. “Therefore, there is no obligation to make a currency or a monetary instruments declaration to the CBSA when in possession of bitcoins while travelling into or from Canada.”

Interestingly, according to U.S. Customs and Border Protection, while gold bullion is not a monetary instrument, it still must be declared upon entry to the U.S.

While bitcoin investors don’t have to declare their digital wallets now, that could change in the future. In early May, Senator Chuck Grassley (R-IA) introduced Bill S.1241 -- Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017.

The bill would require Homeland Security and U.S. border agents to search travelers entering the country for “prepaid access devices, digital currencies, or other similar instruments.”

While the bill has been introduced in the Senate, it is has not progressed very far as it is being review by the Committee on the Judiciary.

According to many market analysts, 2017 is marked as the year of cryptocurrencies. In particular, bitcoin has garnered massive attention as prices have pushed to nearly $20,000 per token.

However, the bitcoin bubble appears to be deflating as prices, according to Kitco’s aggregated charts, are holding just over $14,000, down 29% from its peak just two weeks ago.