Visa Says You Can Buy Almost Anything, Except Crypto Currencies

This week’s news is that several banks in the USA and the UK have banned the use of credit cards for the purchase of cryptocurrencies (CC’s). It is impossible to believe the reasons given – such as money laundering, gambling, and trying to protect the retail investor from excessive risk. Interestingly, banks will allow debit card purchases, making it clear that the only risks to be protected are their own.

With a credit card you can gamble at a casino, buy guns, drugs, alcohol, pornography, anything and everything you want, but some banks and credit card companies allow you to buy cryptocurrency. Want to be banned from using your facilities? There must be some plausible reasons, and they are not stated reasons.

One thing banks fear is how difficult it is to seize CC holdings when a credit cardholder defaults on payments. This will be much more difficult than repossessing a house or car. The private keys of a crypto-wallet can be stored in memory…

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