The news this week is that several banks in the USA and UK have banned the use of credit cards to buy crypto currencies (CC’s). The foregoing is unbelievable – such as trying to reduce money laundering, gambling, and protect the stockbroker at high risk. Interestingly, banks allow the purchase of credit cards, proving that the risks are their own.
With a credit card you can gamble at casinos, buy guns, drugs, alcohol, pornography, anything and anything you want, but other banks and credit card companies want to stop you from using their site to buy crypto currency? There must be good reasons, and NOT the reasons given.
One of the things banks fear is how difficult it would be to receive CC money when the credit card holder does not pay. It can be far more frustrating than owning a home or a car. The password keys of the crypto wallet can be placed on a souvenir or on paper and easily removed from this country, without realizing where it is. There can be significant gains in some crypto wallets, and credit card debt cannot be repaid, resulting in bankruptcy announcements and major bank failures. The wallet still has a crypto currency, and the owner is able to connect to the secret keys and use the local CC Exchange in another country to exchange and deposit the money in his pocket. A very interesting situation.
We do not advocate for illegal practices like this, but banks are aware of their potential and some of them want to close. This is not the case with bank cards as banks do not have a wallet – the money goes out of your account immediately, unless your funds are available from the beginning. We are struggling to find all the honesty in the bank’s history of gambling and risk-taking. It is interesting that Canadian banks are not jumping on the bandwagon, perhaps realizing that the reasons given are false. The downside of these things is that investors and consumers now know that credit card companies and banks really have the opportunity to restrict what you can buy with their credit card. This is not how they advertise their cards, and it is probably a surprise to many users, who are used to choosing their own purchases, especially from CC Exchanges and all other traders who have set up a Trading Agreement with these banks. The exchanges did nothing wrong – neither did you – but fear and greed in the banking system are causing some strange things to happen. This also illustrates how banks are being threatened by Crypto Currencies.
There is currently no agreement, interdependence, or understanding between fiat money world and CC world. CC world does not have a law enforcement agency, and this leaves every country in the world trying to figure out what to do. China has decided to ban CCs, Singapore and Japan from accepting them, and many other countries are just shaking their heads. The common denominator is that they want to collect taxes on the CC for income generation. This is not much different from the previous days of digital music, where the internet supports the unparalleled distribution and distribution of unauthorized music. The digital licensing process was eventually designed and approved, as the audience was solid and paid for something in their music, instead of just going up and down, and the music companies (artists, producers, record companies) were right with a valid license instead of just paying. Could there be a future for fiat and digital currency? When people all over the world get tired of the huge profits in the bank and the amount of banks in their lives, there is hope that consumers will be respected and will not be pressured by high prices and unnecessary restrictions.
Crypto and blockchain currencies add to the global pressure to balance – – this is a game changer.