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#2254213 - 05/21/21 03:56 PM CRYPTOCURRENCY
vdavis Offline
New Poster
Joined: Mar 2019
Posts: 13
Can cryptocurrency be used as a source of down-payment funds in a purchase mortgage transaction or for reserves in a refinance transaction?

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General Discussion
#2254216 - 05/21/21 04:09 PM Re: CRYPTOCURRENCY vdavis
Rocky P Offline
Power Poster
Joined: Jun 2003
Posts: 7,239
Without answering your question - two questions

What is the value? Cryptocurrency is very unstable. What may be worth $50K today may be worthless.
How does the bank control it? (access it)
Integrity. With it, nothing else matters. Without it, nothing else matters.

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#2254217 - 05/21/21 04:09 PM Re: CRYPTOCURRENCY vdavis
rlcarey Offline
10K Club
Joined: Jul 2001
Posts: 77,277
Galveston, TX
I think that is a business decision unless you are talking secondary market.
The opinions expressed here should not be construed to be those of my employer:

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#2254246 - 05/22/21 02:50 PM Re: CRYPTOCURRENCY vdavis
Richard Insley Offline
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Richard Insley
Joined: Oct 2000
Posts: 9,999
Toano, VA
This is an asset quality issue that's bound to attract safety & soundness regulators' attention. Have they said nothing about it in exam manuals or industry guidance releases?
...gone fishing.

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