Why this happened
To start, it must be said that many banks do not understand Betcuen. Banks offer bitcoin and altcoins as industry disruption factors, potential market anchor, or both. Some in the banking industry have openly stated their expulsion of digital currencies.
The recent volatility in the Baitcoin market, where the long-term correction led to a currency drop of more than 50%, gave banks a cover to impose new regulations on Betquin. Buying a credit card with Bitquin comes with additional risk to financial institutions as high volatility means that it is possible to make purchases that may not have sufficient future value to meet the repayment requirements.
Before closing the credit card, banks indicated that it would make it more difficult to use a credit card to make altcoin purchases. "The MCC code for digital currency purchases has recently been changed through a number of major credit card networks.The new law will allow banks and card issuers to collect additional" cash advance "fees, which are not collected or collected by Coinbase. Will appear as a separate item on your card statement, "wrote Coinbase in a statement.
Cash advance fees - up to 23.99 per cent - represent an effort by banks to capitalize on the recent acquisition of PeteCwin. They are separate from the stock exchange charges for which fees are charged in conjunction with these fees.
Banks may also have been influenced by speculations that the US Congress is considering ways to regulate sales of Betquin. All this is complicated by the fact that many affected banks have indicated their support for frozen investment products, seek partnerships with blockchain companies, and / or consider starting their own altcoins to streamline cash transfers within their own organizations.Receive Bitcoin Payment To Your Bank Account Worldwide
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