There could be many different uses of cryptocurrency for sure. However, the latest we are hearing is that cryptocurrency could be a means to prove the financial independence and stability of a person in order to apply for a travel VISA.
According to Laura Bernard who belongs to the European Commission, there could be certain individual situations where the consulate would actually be able to accept some other assets proofs such as the digital or crypto-related assets.
This can prove to be a pretty good help for the international travelers who actually might be able to cross the borders of the countries amidst the recent pandemic that has been going on for sure. The use of crypto as proof of their financial sustainability abroad could be helpful. After all, it is a pretty new and relatively interesting concept for sure.
Most nations all across the globe are currently not open to guests in a struggle to provide protection to the residents from COVID-19.
However, according to current news on crypto, there are some nations that have continued allowing retirees, students, and some others to stay through immigration. However, under normal circumstances, the people who are entering the country need to present a certain kind of evidence for funds.
This is done in order to show that these people actually have the savings that are required in order to provide properly for themselves in the foreign country without any trouble.
The definition of this “evidence of funds” or “proof of funds” could be fluid, but usually entails a bank statement, a line of credit, or simply showing an immigration officer cash holdings. However, of the 195 recognized countries on the planet, some have hinted they are open to accepting cryptocurrency as proof of financial sufficiency — as long as liquidity was established.
“In my 15+ years, I’ve never seen a consulate accept non-liquid financial documents, such as a holding portfolio, even if there are seven figures in the account,” mentioned Evan James who is the chief operating officer of visa and passport processing company in Peninsula Visa.
“I do understand that crypto is liquid but I think it would need to present almost as a bank account […] in the event an applicant would want to use a crypto account, the onus would be on them to make sure the consulate is comfortable with its liquidity.”
The government website of the United Kingdom mentioned that “Bitcoin savings” was not acceptable as financial evidence for student visa applicants. One of the consulates from a Schengen member — which includes 26 European countries — told Peninsula Visa that it would only be willing to accept fiat bank statements at this time for proof of funds. However, other immigration departments hinted that there was nothing explicitly prohibiting travelers from using crypto to meet this requirement.
“There is no ban on using cryptocurrency as evidence of funds but applicants would need to provide evidence of the amount and ownership,” said Immigration New Zealand manager Marc Piercey. “Visa applicants are likely to find it easier to show more traditional forms of funds such as bank statements or credit card balances.”
Laura Bernard, press officer for the European Commission, reiterated that bank statements or proof of income was needed “in almost all cases,” but added that there wasn’t a universal policy for all EU member nations:
“As each visa application is assessed on a case-by-case basis, there is no one-size-fits-all rule regarding the proof of sufficient financial means. As a result, there could be individual situations where a consulate might also accept other proof of assets, such as crypto-assets, whenever this is justified by the particular circumstances of the applicant and the intended journey.”