Can you use foreign currency as collateral on a loan?

Question

Or can you even claim it as an asset?

Answer 1

I checked this before with my bank when trying to get a business loan, and I was told that assets in foreign country including real estate and currency cannot be used as a collateral on a loan

But if you deposit that foreign currency in their bank (if they accept foreign currency deposits), OR you convert that foreign currency into dollars and deposit it in their bank, then that can be used as collateral

Check with your bank if they have the same policy as the bank I talked to