such as the EB-5 immigrant investor visa market , have been reluctant to make use of digital currencies in any significant way , in large part , because of the lack of information about the process and the concerns about the legitimacy and acceptance of the cryptocurrency industry and the volatility of its value .
As the exchange and transfer of local currencies becomes more difficult amidst the backdrop of an increasingly global economy , the use of digital currencies will continue to grow .
And while countries can attempt to regulate and restrict these digital currencies , market forces have demonstrated that such restrictions - unlike the restrictions placed by a government on its local currency - are far from effective . In light of this , digital currencies may become more and more relevant and useful to EB-5 investors from countries with such strict government controls over their local currency .
RANA JAZAYERLI
Rana Jazayerli is a partner at Phillips Lytle LLP ’ s Washington , D . C . office . As an immigration attorney , she has more than ten years of experience in representing individuals who seek U . S . permanent residency under the EB-5 Immigrant Investor Visa Program , as well as U . S . companies that applies for EB-5 regional center designation to finance job creating projects . Jazayerli ’ s legal services also include handling employment-based visas , managing temporary employment visa such as H-1Bs and L-1As , and advising employers on proper I-9 form compliance .
Sources :
1
Satoshi Nakamoto , Bitcoin : a Peer-to-Peer Electronic Cash System , ( November 2008 ), https :/ bitcoin . org / bitcoin . pdf .
2
Currently , bitcoin is trading at an all-time high value of over U . S . $ 8,000 . So , an EB-5 investor seeking to exchange the equivalent of U . S . $ 550,000 for an EB-5 investment ( and an administration fee ), would currently need to purchase approximately 69 bitcoin .
3
It may even be possible for an investor to transfer the bitcoin directly to an EB-5 project with the bitcoin serving as the capital contribution . USCIS stated at an EB-5 Stakeholders meeting in March 2017 that it is “ considering issues involving virtual currency such as bitcoin ” related to the “ use of bitcoin to transfer investment funds to the new commercial enterprise .” EB-5 National Stakeholder Engagement , Washington D . C ., Remarks by Immigrant Investor Program Office ( IPO ) Division Chief Lori MacKenzie , U . S . Citizenship and Immigration Services 3 ( March 3 , 2017 ), https :// www . uscis . gov / sites / default / files / USCIS / Outreach / IPO _ Division _ Chief _ Lori _ MacKenzies _ Remarks . pdf . 4
See Joseph Young , China Will Likely Resume Cryptocurrency Trading by Licensing Bitcoin Exchanges , CryptoCoinsNews ( Oct . 6 , 2017 ) https :// www . cryptocoinsnews . com / china-will-likely-resume-cryptocurrency-trading-bylicensing-bitcoin-exchanges /
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