Bitcoins as proof of funds?

[Michau]

Anyone tried that? They can be liquidated quickly on any of existing exchanges... wonder what CIC would say to that?

 

[bairn7]

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.

 

[fpnc2983]

you must be joking

 

[Ibyt]

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.

 

[bairn7]

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.

As long as you can provide either some kind of loan agreement between you and your sister or a bank statement showing the funds originally being transferred to her, I wouldn't see this being a problem.

 

[Michau]

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.

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

 

[scylla]

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

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.

 

[bairn7]

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.

Cash-able investments are acceptable proof of funds. I would've grouped bitcoins as investments. There is no risk criteria for these investments as far as I'm aware?

 

[Jaxon911]

Cash-able investments are acceptable proof of funds. I would've grouped bitcoins as investments. There is no risk criteria for these investments as far as I'm aware?

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.

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]

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.

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!

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]

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.

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!

 

[GARJ]

Haha, great question. The answer is no, that would never fly. +1 to you for thinking outside the box.

 

[henryahmed]

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!

That is correct, i agree with that... they are going to verify the information... thank you...

 

[Michau]

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.

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.

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!

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.

 

[dobes]

I agree that CIC will not accept bitcoins, and that it was a great question to ask! I only wish you could call CIC to ask, and let us know their answer!