A friend wants to visit a country and they were enquiring for proof of funds for him to be issued a Visa. This young man has invested heavily in Bitcoin and other cryptocurrencies that he might not be able to present the minimum amount they want in his fiat account. But he can present ten times more than the amount the embassy is asking if they want it in cryptocurrency.
The embassy is insisting that although Bitcoin is legal in the country, they cannot accept it as proof of funds.
Not sure with my country because we have a very neutral stance on crypto. Not against but also not really in support for. Though, I wouldn’t be surprised if my country also didn’t accept cryptocurrency as proof of funds.
The embassy wants to assess the financial situation of that person through cash and not assets. Some may not yet consider crypto as an official currency which is frustrating and disappointing because it can be easily liquidated anyway. But yeah since many consider cryptocurrencies as an investment therefore an asset, then they most likely won’t accept it as proof of funds.
This is also the situation in my country. I am not sure if the immigration officers do accept bitcoin as proof of payment but a part of me still feels they wouldn't accept it. It is not just about bitcoin being used as a legal tender in the country, the immigration officers want to know the true state of an applicant through his bank statements. They want to know what goes in and out of the account to be sure the applicant isn't involved in some criminal activities. Bitcoin transactions are not traceable and this might be enough reason for the embassy to request for the traditional proof of funds instead.
Again, due the the unstable nature of Bitcoin's price, how will the embassy be convinced that what the applicant has in his bitcoin account will be enough to sustain him throughout his stay in the country he intends travelling to?
This might just be some of the obvious reasons that will make some countries reject bitcoin as proof funds during Visa application.