Visa Says You Can Buy Almost Anything, Except Crypto Currencies
The news this week is that several banks in the USA and the UK have banned the use of credit cards to purchase crypto currencies (CC's). The stated reasons are impossible to believe - like trying to curtail money laundering, gambling, and protecting the retail investor from excessive risk. Interestingly, the banks will allow debit card purchases, making it clear that the only risks being protected are their own. With a credit card you can gamble at a casino, buy guns, drugs, alcohol, pornography, everything and anything you desire, but some banks and credit card companies want to prohibit you from using their facilities to purchase crypto currencies? There must be some believable reasons, and they are NOT the reasons stated. One thing that banks are afraid of is how difficult it would be to confiscate CC holdings when the credit card holder defaults on payment. It would be much more difficult than re-possessing a house or a car. A crypto wallet's private keys can be put on a m...