Visa Says You Can Purchase Almost Anything, Except Crypto Currencies from Morris Mcgarvie's blog

The stated reasons are not possible to think - like trying to curtail money laundering, gaming, and shielding the retail investor from excessive risk. The banks will permit debit card purchases, which makes it very clear that the only risks being protected are their own.crypto casino

Having a credit card you are able to gamble at a casino, purchase guns, drugs, alcohol, pornography, anything and everything you would like, but some banks and credit card businesses wish to prohibit you from using their facilities to purchase crypto monies? There must be some believable reasons, and they are NOT the reasons mentioned.bitcoin casino us

One thing that banks are afraid of is how hard it is to confiscate CC holdings when the charge card holder defaults on payment. It would be much more challenging than re-possessing a home or a car. A crypto wallet's private keys could be placed on a memory stick or a piece of paper and readily taken out of the country, with very little if any trace of its whereabouts. There can be a high value in some crypto pockets, and also the credit card debt may never be repaid, leading to a declaration of bankruptcy and a substantial loss for the lender. The wallet still includes the crypto money, and the operator can later access the private keys and utilize a neighborhood CC Exchange in a foreign nation to convert and pocket the cash. A nefarious scenario really.

We're not advocating this kind of unlawful conduct, but the banks are aware of the possibility and a number of them need to shut it down. This can't occur with debit cards as the banks are not out-of-pocket - the money comes from your account instantly, and only if there's enough of your money there to begin with. We struggle to find any honesty in the bank's story about curtailing gambling and risk taking. It is interesting that Canadian banks are not jumping on this bandwagon, possibly realizing that the stated motives for doing this are bogus. The fallout from these activities is the fact that consumers and investors are now aware that credit card companies and banks really do have the capacity to restrict what you could purchase with credit card. This is not the way they market their own cards, and it's probably a surprise to most consumers, who are quite utilized to choosing for themselves what they will purchase, particularly from CC Exchanges and the rest of the retailers who have created Merchant Agreements with those banks. The concessions have done nothing wrong - neither have you but fear and greed in the banking business is causing strange things to occur. This further illustrates the degree to which the banking industry feels threatened by Crypto Currencies.


Previous post     
     Blog home

The Wall

No comments
You need to sign in to comment

Post

By Morris Mcgarvie
Added Feb 22

Tags

Rate

Your rate:
Total: (0 rates)

Archives