Bitcoins as proof of funds?
- Thread starter Michau
- Start date
Wow! What a question! I'm pretty sure no-one will have tried that yet. This may be one of those questions that needs to go direct to CIC (and to be honest I'm not sure they'll even know).
My hunch would be no.
Couldn't you just liquidate them now and put them in a bank account? Sorry, I don't know enough about bitcoins. CIC would ask for more details of the deposit and you could provide info at that stage which is more likely to be acceptable if you can demonstrate how you have come to acquire the bitcoins.
My hunch would be no.
Couldn't you just liquidate them now and put them in a bank account? Sorry, I don't know enough about bitcoins. CIC would ask for more details of the deposit and you could provide info at that stage which is more likely to be acceptable if you can demonstrate how you have come to acquire the bitcoins.
Tbh, when it comes to proof of funds, as long as it is accurate, it is most likely going to be at the discretion and knowledge extent of the immigration officer treating your case.
Ild like to imagine that genuine source of funds should not be a problem.
I had borrowed my sister some money for her business last year as I had money sitting in my account for nothing.
I have asked her to pay me and I should get it soon before I have to apply for PR.
I have indicated that amount as my available fund and I am convinced it is not in any way misrepresentation as long as it is available to me at time of application.
Ild like to imagine that genuine source of funds should not be a problem.
I had borrowed my sister some money for her business last year as I had money sitting in my account for nothing.
I have asked her to pay me and I should get it soon before I have to apply for PR.
I have indicated that amount as my available fund and I am convinced it is not in any way misrepresentation as long as it is available to me at time of application.
Bitcoins will not be accepted as POF for Canadaina immigration purposes due to their perceived volatility. If you don't wish to convert your bitcoin holdings to a different currency, then you will have to come up with money separately to meet POF.Michau said:I could of course, but they are sitting in a swap contract with very high interest rate (impossible with fiat money) so I would not like to sell them now and lose the future profits
Jaxon911
Champion Member
- Jun 18, 2014
- 206
- Category........
- FSW
- Visa Office......
- London
- NOC Code......
- 2171
- App. Filed.......
- PR App 2014-06-23 & Citizenship App Filed in Aug 2022
I think key concern for CIC is their ability to verify that you actually do have funds. BitCoin is secure and encrypted, there is no way for CIC to independently verify your funds.bairn7 said:
For example, in case of bank account, CIC can give a call to bank and provide details of your account from the statements and ask them for balance amount as of a specific date!
In short, if CIC can't verify your funds, they're not going to be accept it!
henryahmed
Star Member
- Feb 2, 2015
- 47
- Category........
- NOC Code......
- 6221
- Job Offer........
- Pre-Assessed..
- App. Filed.......
- 09-12-2015
- Nomination.....
- 03-11-2015
about what you said about cic calling your bank to ask for details about your account... i do not think any bank is going to give information about a client... i do not mind if they do in this case... but i do not think they will give any information... even when i call myself is very difficult to get information by phone... banks are very strict about that... and that happens in any country... i have bank accounts in USA also and is the same thing.Jaxon911 said:
Jaxon911
Champion Member
- Jun 18, 2014
- 206
- Category........
- FSW
- Visa Office......
- London
- NOC Code......
- 2171
- App. Filed.......
- PR App 2014-06-23 & Citizenship App Filed in Aug 2022
For your information, CIC can check bank statements or get them verified for genuineness! They can for example, ask I have got ending balance of XYZ as of ABC date, is that correct? Bank would at least say yes or no. I have seen people in the UK getting their UK visa refused because of fake bank statements, all immigration agencies have proper means to verify any and every document they wish. For example, they can send a copy of statements to bank thru their agreed channel and bank would reply if the statement is genuine or not!henryahmed said:
henryahmed
Star Member
- Feb 2, 2015
- 47
- Category........
- NOC Code......
- 6221
- Job Offer........
- Pre-Assessed..
- App. Filed.......
- 09-12-2015
- Nomination.....
- 03-11-2015
That is correct, i agree with that... they are going to verify the information... thank you...Jaxon911 said:
Actually, bitcoin has good mechanisms for proof of funds. The balance of every wallet is public for every one to see. And the wallet owner can use his wallet public key to sign a message (like "dear CIC, this is really my wallet") and any other bitcoin user can verify that indeed it was signed by the wallet holder. So the technology for verifying funds are way much better than in case of banks. It's just someone must be knowledgeable enough to know they exist and how to use them.Jaxon911 said:
Now that I find really hard to believe. Disclosing such information by the bank would violate a host of different laws here in Poland, and we're even not close to countries with real bank secrecy like Switzerland. A bank employee telling a total stranger the balance of my account is totally illegal, and if they did it, I would sue them for $$$$$$$$$ and won easily. The bank can tell my account balance to certain officials like DA or tax office, but to CIC? Absolutely no way.Jaxon911 said: