Bitcoin Forum

If you have applied for visa before,you will know that one of the requirements for embassy to grant visa is to provide proof of financial resources. I have investment in Bitcoins,Ether and ripple. I have dozens of tokens acquired from bounties, and ICO purchases; some are enlisted on exchanges and have value, some of my tokens are in my wallet without value. Ok, my question is , will these assets, including bitcoins, altocoins and tokens be accepted as a proof of financial resources, if it will, how will the embassy evaluate it. Has any one used his crytpo asset in such a situation of applying for visa before?
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The answer is a capital NO! Crypto assets has not been recognised as legal tender by almost all economies world over. It is not possible for any embassy to accept It as proof of financial asset. If you have such assets I believe your best bet will be to convert those crypto assets to fiat currency and present your bank statement to the embassy.

Thanks for the submission, but I think stocks , real estates and cars are accepted by embassy to evaluate how someone is worth in order to grant visa, so why won't crypto assets that is even more liquid than stocks, real estates or cars.

Cryptocurrencies have not yet been recognized as legal tender and assets so you cannot declare them during your visa application. You would be better off turning your cryptos to cash and putting the money in your account and declare it that way. or better still, just use whatever other assets you have in the application process and leave cryptos out of all of it.

You can declare it under your assets and give it  a try. Maybe an exchnage account in your name with balances left printed or your tading activites can be printed and include in your application. You can give explanation to the embassy why is in crypto; maybe you are holding it and don't want to sell and tell them the current value if you convert it at instance.But I think only established cryptos like bitcoins ,Ether or ripple can be use, because they are popular.

Indeed. Thats the aster for this question but it is never too late to ask to the embassy itself or enquire about this assets over the phone. I am adding the second line because there could be chance that wallets who has got KYC verified for the user then anything in the wallet is considered as your own money and it is traceable one. So thats just a chance BUT its too small to be true.

However, crypto assets really are virtual one and they dont belong to us as long as they are not in the bank statement!!

Well said!

If you do try to explain to them about your crypto holdings and using it as a proof of financial assets then they might laugh at you on what you are saying about. ;D Cryptocurrencies is never been recognized on where it comes to a point that it can be treated as a valid asset.Same as suggested you can anytime convert those coins to fiat and this would be much a wiser decision to be made if you do really like to show some proofs.

Interesting case and I would love to see it changed in the future, but for now, probably not.

Of course it depends on the country/visa and how they view crypto but for the most part, it's not recognized as legal tender.

I don't think so. You can covert all of it to fiat and that can be used a s a proof of financial capability in order to get a visa. But if it remains a cryptocurrency and not converted, then its not gonna be acceptable. Not many countries accept crypto as a currency. If you want to make sure then read the regulation in that country for cryptocurrency.

Just as as he said, cryptos aren't really recognized as legal tender by most of the countries but stocks, real estates and car are. I think the main reason for these is cause it's tangible, is my term correct? and still, bank can get a hold of these unlike cryptos. Surely, asking the embassy through the phone would be the best answer.

I believe it just can't be possible crypto is for anounymity and visa needs identity information so how could it be possible?

When cryptocurrency is still not officially recognized by the government and globally it can not be done !!! Crypto is still not seen as a legitimate asset, therefore this can not happen and crypto is still used as an asset that is not actually known in the legality legal view.

I don't think this is going to work. However, there's no wrong in trying. But the truth is that embassies operate under the legal framework that their home country and host country operate under and can only recognize crypto assets if it is regulated by such legal framework.

I agree. That is why I keep some money in fiat.

Exactly. You can just follow his advice and put a call through to the embassy you are planning to visit to be sure of what is obtainable and be well guided. But until crypto assets are recognised as legal assets under the home and host countries' legal frameworks I don't see embassies recognizing them as well. Stocks, real estate and cars are regulated but not crypto assets yet.

As far as I know, you can't. Cryptocurrency is not officially recognized as a means of payment... And the bulk does not take it seriously

No, I don’t think you can use your crypto as proof for visa application at this moment. To be clear, I suggest you to contact the visa issuing authority to check. Perhaps, it is a crypto friendly country you are visiting.

In some countries it may be possible, but in my country it still can not, because the reason is, no legal entity that deals with bitcoin or altcoin issues, might be achieved in the future

Why not, if a country has registered, regulated and taxed the crypto coins and market then their is no reason to avoid crypto payments for services like tax, visa fee and other official payments.