Visa Affirms You should purchase Most jobs, Apart from Crypto Currencies

The news headlines this week is that several banks in the USA and the UK have banned the usage of charge cards to purchase crypto currencies (CC’s). The stated reasons are impossible to believe – like attempting to curtail money laundering, gambling, and protecting the retail investor from excessive risk. Interestingly, the banks will allow bank card purchases, rendering it clear that the only risks being protected are their own.

With a charge card you can gamble at a casino, buy guns, drugs, alcohol, pornography, everything and anything you want, but some banks and bank card companies desire to prohibit you from utilizing their facilities to purchase crypto currencies? There should be some believable reasons, and they’re NOT the reason why stated.

A very important factor that banks are frightened of is how difficult it is always to confiscate CC holdings once the bank card holder defaults on payment. It would be much more difficult than re-possessing a home or even a car. A crypto wallet’s private keys can be put on a memory stick or a bit of paper and easily removed from the nation, with minimum trace of its whereabouts. There can be a high value in certain crypto wallets, and the bank card debt may never be repaid, ultimately causing a declaration of bankruptcy and an important loss for the bank. The wallet still provides the crypto currency, and the master can later access the private keys and use a local CC Exchange in a foreign country to convert and pocket the money. A nefarious scenario indeed.

We are definitely not advocating this kind of unlawful behavior, nevertheless the banks are conscious of the chance and many of them desire to shut it down. This can’t happen with debit cards because the banks are never out-of-pocket – the cash comes from your account immediately, and only if there is enough of your hard earned money there to begin with. We struggle to locate any honesty in the bank’s story about curtailing gambling and risk taking. It’s interesting that Canadian banks are not jumping with this bandwagon, perhaps realizing that the stated reasons for doing so can be bogus. The fallout from these actions is that investors and individuals are now aware that bank card companies and banks really do have the capacity to restrict what you can buy making use of their credit card. This isn’t how they advertise their cards, and it is likely a surprise to many users, who’re quite used to deciding for themselves what they will purchase, especially from CC Exchanges and the rest of the merchants who’ve established Merchant Agreements with your banks. The Exchanges did ieo binance  nothing wrong – neither have you – but fear and greed in the banking industry is causing strange things to happen. This further illustrates the degree to that your banking industry feels threatened by Crypto Currencies.

At this time there’s little cooperation, trust, or understanding between the fiat money world and the CC world. The CC world does not have any central controlling body where regulations can be implemented throughout the board, and that leaves each country around the world trying to determine what to do. China has decided to ban CC’s, Singapore and Japan embrace them, and a number of other countries are still scratching their heads. What they have in accordance is that they would like to collect taxes on CC investment profits. This isn’t too unlike early days of digital music, with the web facilitating the unfettered proliferation and distribution of unlicensed music. Digital music licensing schemes were eventually developed and accepted, as listeners were OK with paying something because of their music, as opposed to endless pirating, and the music industry (artists, producers, record companies) were OK with reasonable licensing fees as opposed to nothing. Can there be compromise in the future of fiat and digital currencies? As people around the world get more frustrated with outrageous bank profits and bank overreach within their lives, there’s hope that consumers will be regarded with respect and not be forever saddled with high costs and unwarranted restrictions.

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