A crypto wallet’s private keys can be put on a storage stick or a item of paper and simply removed from the country, with minimum trace of the whereabouts. There can be a high value in some crypto wallets, and the credit card debt may never be refunded, leading to a assertion of bankruptcy and a significant loss for the bank. The wallet still contains the crypto money Coinsbank bitcoin, and the owner can later access the private keys and use a local CC Exchange in a foreign country to convert and pocket the amount of money. A nefarious scenario indeed.
We are certainly not advocating this sort of illegal behavior, but the banks are aware of the probability and some of them want to shut it down. This can’t happen with debit cards as the banks are never out-of-pocket – the money comes away of your account immediately, and only if there is enough of your money there to begin with. We struggle to find any honesty in the bank’s story about curtailing wagering and risk taking. It’s interesting that Canadian financial institutions are not jumping with this bandwagon, perhaps realizing that the mentioned reasons for doing so are bogus. The fallout out there actions is that investors and consumers are now aware that credit card providers and banks really do have the ability to restrict what you can purchase using their credit card. This is not how they advertise their cards, and it is likely a surprise to most users, who will be quite used to obtaining themselves what they will purchase, especially from CC Exchanges and all the other merchants who may have established Merchant Agreements with these banks. The Exchanges did nothing wrong – none have you – but fear and greed in the banking industry is leading to strange things to happen. This further illustrates the degree to which the banking industry feels threatened by Crypto Currencies.
At this stage there is little assistance, trust, or understanding between the fiat money world and the CC world. The CC world has no central controlling body where regulations can be implemented across the board, and this leaves each country round the world trying to figure out what to do. China has decided to ban CC’s, Singapore and Japan embrace them, and many other countries continue to be scratching their heads. The actual have in common is that they want to accumulate taxes on CC investment profits. This particular is not too unlike the early days of digital music, with the internet facilitating the unfettered proliferation and distribution of unlicensed music. Digital audio licensing schemes were eventually developed and accepted, as listeners were OK with paying something for their music, rather than unlimited pirating, and the music industry (artists, producers, record companies) were OK with sensible licensing fees rather than nothing. Can there be compromise later on of fiat and digital currencies? Since people across the world get more fed up with outrageous bank profits and bank overreach into their lives, there exists hope that consumers will be deemed with respect and not be forever saddled with high costs and unwarranted restrictions.
Crypto” – or “crypto currencies” – are a type of software system which provides transactional functionality to users through the Internet. The most important feature of the system is their decentralized nature – typically provided by the blockchain repository system.