EU and New Zealand: Cryptocurrencies “could” be a financial asset for visas
- A press official from the European Commission notes that an offer of crypto assets to the consulate can be accepted provided that it is justified.
- Some countries have hinted that they are open to accepting crypto as evidence of funds.
- However, governments such as the UK still consider “Bitcoin savings” as unacceptable evidence for obtaining student visas.
Sooner or later, travelers who own crypto assets will be able to present their tokens as proof of financial stability for their visas.
European Commission Press Officer Laura Bernard explained how proof of funds such as bank statements is essential for international travel. She added that the offer of digital assets, such as bitcoin, is not unacceptable from a religious perspective:
Since each visa application is evaluated on a case-by-case basis, there is no single rule regarding proof of sufficient financial resources. Therefore, there may be individual cases in which the Consulate may also accept other proof of assets, such as crypto assets, whenever the particular circumstances of the applicant and the intended flight warrant.
Other immigration sectors have hinted that they are open to accepting digital assets, as there are no mandates that explicitly restrict travelers from using crypto. Marc Piercey, responsable de l’immigration en Nouvelle-Zélande, a déclaré qu’ »il n’y a pas d’interdiction d’utiliser des crypto-monnaies comme preuve de fonds, mais les demandseurs devront fournir des preuves du ves Property. »
However, he said it would be easier for visa applicants “to show more traditional forms of money, such as bank statements or credit card balances.”
This may be true because most immigration services have indicated that they only accept paper currency bank statements as proof of financial security. According to its website, the UK considers “Bitcoin savings” to be unacceptable for student visa applications. In addition, the consulate of one of the Schengen countries previously made it clear that they only accept traditional bank statements as proof of funds.
Besides these restrictions, holders of cryptocurrency seeking to travel also face the responsibility of properly presenting their digital assets to the respective consulates.
Evan James, COO of Peninsula Visa, said that while cryptocurrency is a liquid asset, “it should be presented almost like a bank account.” James added that “the burden of proof will be on making sure the consulate is comfortable with its liquidity.” »
If this prospect materializes, people with low to middle incomes, who are known to be big investors in bitcoin and other digital assets, will take advantage of this development if they wish to travel internationally.
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