The stated reasons are not possible to think – like attempting to curtail money laundering, gaming, and protecting the retail buyer from excessive risk. The banks will permit debit card purchases, making it very clear that the only risks being protected are their own.
With a credit card you can gamble in a casino, buy firearms, drugs, alcohol, porn, anything and everything you would like, but a few banks and credit card companies want to prohibit you from using their facilities to buy crypto monies? There must be some honorable reasons, and they are NOT the reasons stated.
1 thing which banks are afraid of is how difficult it would be to confiscate CC holdings once the charge card holder defaults on payment. It would be more difficult than re-possessing a home or a vehicle. A crypto wallet’s private keys can be placed onto a memory stick or a sheet of paper and easily removed from the country, with very little if any hint of its whereabouts. There may be quite 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 bank. The wallet still contains the crypto money, and the operator can later get the private keys and use a local CC Exchange in a foreign country to convert and pocket the cash. A nefarious scenario really.
We are certainly not advocating this kind of unlawful behavior, but the banks are aware of the chance and some of them need to shut it down. This can not happen with debit cards as the banks are not out-of-pocket – that the money comes from your account instantly, and only if there’s enough of your cash there to begin with. We struggle to find any honesty in the bank’s narrative about curtailing gambling and risk taking. It is interesting that Canadian banks aren’t jumping on this bandwagon, possibly realizing that the stated reasons for doing so are bogus. The fallout from such actions is that investors and consumers are now aware that credit card companies and banks actually do have the ability to restrict what you can purchase with credit card. This is not how they advertise their own cards, and it is probably a surprise to many consumers, who are very utilized to deciding for themselves what they will purchase, especially from CC Exchanges and the rest of the merchants who have established Merchant Agreements with these banks. The Exchanges have done nothing wrong – have you – but fear and greed in the banking industry is causing strange things to occur. This further exemplifies the degree to which the banking industry feels threatened by Crypto Currencies.
At this point there’s not much cooperation, confidence, or understanding involving the fiat money world and also the CC world. The CC planet has no central controlling body where regulations can be implemented across the board, which leaves each nation around the world trying to determine what to do. The things they have in common is they would like to collect taxes on CC investment profits. This isn’t too unlike the early days of digital audio, with the net facilitating the unfettered proliferation and distribution of music. Digital music licensing schemes were finally developed and approved, as listeners have been OK with paying a little something because of their music, rather than endless pirating, along with the music industry (artists, producers, record companies) were OK with reasonable licensing fees instead of nothing. Is there compromise in the long run of fiat and digital currencies? As individuals around the globe get more fed up with outrageous bank gains and bank overreach into their lives, there’s expectation that consumers will be considered with respect and not be forever saddled with high costs and unwarranted limitations. To know more info about ico advisor, please check the link given above.