Visa says you can buy almost anything except cryptocurrencies

This week’s news comes as several banks in the United States and the United Kingdom have banned the use of credit cards to buy cryptocurrencies (CCs). These reasons are unbelievable – such as trying to limit money laundering, gambling and protecting the retail investor from excessive risk. Interestingly, banks will allow debit card purchases, which will make it clear that protected risks are only their own risks.

With a credit card, you can gamble in a casino, buy weapons, drugs, alcohol, pornography, anything and everything you want, but some banks and credit card companies want to ban you from using your opportunities to buy cryptocurrency? There must be some compelling reasons, and they are NOT so-called reasons.

One of the fears of banks is how difficult it will be to confiscate CC holdings when a credit card holder fails to pay. It would be much harder than owning a house or a car again. The private keys of a crypto wallet can be placed on a memory stick or a piece of paper and can be easily removed from the country with little or no trace of where it is. Some cryptocurrencies may have a high value and the credit card debt can never be repaid, leading to bankruptcy and significant loss to the bank. The wallet still contains the cryptocurrency, and the owner can then access the private keys and use the local CC Exchange in a foreign country to convert the money and put it in his pocket. A really disgusting scenario.

Of course, we do not support such illegal behavior, but banks are aware of the possibility of this, and some want to close it. This can’t happen with debit cards, because banks never get out of their pockets – the money goes out of your account right away, and only if you have enough money there to get started. We have a hard time finding the truth in the bank’s story about gambling restrictions and risk taking. Interestingly, Canadian banks are not thrown into this group, perhaps realizing that the reasons for doing so are false. The result of these actions is that investors and consumers already know that credit card companies and banks have the ability to limit what you can get with credit cards. They don’t advertise their cards like that, and this is probably a surprise for most users who are used to deciding for themselves what to buy, especially from CC Exchanges and all other merchants who have entered into Seller Agreements with these banks. The stock exchanges have done nothing wrong – and neither do you – but fear and greed in the banking sector are causing strange things to happen. This further illustrates the extent to which the banking industry is threatened by cryptocurrencies.

At this point, there is very little cooperation, trust or understanding between the fiat money world and the CC world. There is no central oversight body in the CC world where regulation can be implemented as a whole, and it seeks to understand what each country in the world will do. China has decided to ban CCs, Singapore and Japan are embracing them, and many other countries are still scratching their heads. What they have in common is that they want to collect taxes on CC investment profits. This is not much different from the early days of digital music, but the Internet facilitates the unimpeded distribution and distribution of unlicensed music. Digital music licensing schemes were finally developed and adopted because listeners were willing to pay a little more for their music than endless piracy, and the music industry (artists, producers, recording companies) was fine with nothing but reasonable license fees. Can there be a compromise in the future of Fiat and digital currencies? As people around the world become more and more tired of excessive banking profits and excessive influence on the lives of banks, it is hoped that consumers will be treated with respect and will not always face high costs and unreasonable restrictions.

Cryptocurrencies and Blockchain technology are increasing pressure around the world to reach a reasonable compromise – it’s a game changer.

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