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Buy Almost Anything Using Visa Except Crypto Currencies

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Vandana Mrigwani Follow

INDIA

Jan, 05 2021

Jan, 05 2021

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The news within the week is that several banks in the USA and therefore the UK have banned the utilization of credit cards to get cryptocurrencies (CC's). The stated reasons are impossible to believe - like trying to curtail concealment, gambling, and protecting the retail investor from excessive risk. Interestingly, the banks will allow open-end credit purchases, making it clear that the sole risks being protected are their own. 

 

One thing that banks are scared of is how difficult it might be to confiscate CC holdings when the MasterCard holder defaults on payment. it might be far more difficult than re-possessing a house or a car. A crypto wallet's private keys are often placed on a memory stick or a bit of paper and simply faraway from the country, with little or no trace of its whereabouts. There is often a high value in some crypto wallets, and therefore the MasterCard debt may never be repaid, resulting in a declaration of bankruptcy and a big loss for the bank. The wallet still contains the cryptocurrency, and therefore the owner can later access the private keys and use an area CC Exchange in a foreign country to convert and pocket the cash. 

 

We are never advocating this type of unlawful behavior, but the banks are conscious of the likelihood and a few of them want to shut it down. This can't happen with debit cards because the banks are never out-of-pocket - the cash comes out of your account immediately, and as long as there's enough of your money there to start with. The Exchanges have done nothing wrong - neither have you ever - but fear and greed within the banking system are causing strange things to happen. This further illustrates the degree to which the banking system feels threatened by Crypto Currencies. 


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Vandana Mrigwani

CBW - External Analyst

INDIA

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