How "crypto shirts" Currencies Work - A Brief Overview Of forex shirts, The news headlines this week is that several banks in the USA and the UK have banned the use of charge cards to buy crypto currencies (CC's). The stated reasons are impossible to trust - like wanting to curtail money laundering, gambling, and protecting the retail investor from excessive risk. Interestingly, the banks allows debit card purchases, rendering it clear that the sole 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 want, however many banks and bank card companies want to prohibit you from employing their facilities to buy crypto currencies? There should be some believable reasons, and they're NOT the reasons stated. One thing that banks are frightened of is how difficult it should be to confiscate CC holdings once the bank card holder defaults on payment. It would be much more difficult than re-possessing a residence or even a car. A crypto wallet's private keys can be put on a memory stick or a piece of paper and easily taken off the united states, with little or no trace of its whereabouts. There can be a high value in certain crypto wallets, and the charge card debt may never be repaid, leading to a declaration of bankruptcy and a significant loss for the bank. The wallet still offers the crypto currency, and the dog owner can later access the private keys and work with a local CC Exchange in a foreign country to convert and pocket the money. A nefarious scenario indeed. We are definitely not advocating this kind of unlawful behavior, nevertheless the banks are aware of the likelihood and a number of them want to shut it down. This can't happen with debit cards as the forex banks are never out-of-pocket - the cash comes from your account immediately, and only if there is enough of your money there to start with. We struggle to locate any honesty in the bank's story about curtailing gambling and risk taking. It's interesting that Canadian banks are not jumping on this bandwagon, perhaps realizing that the stated reasons for doing so might be bogus. The fallout from these actions is that investors and individuals are now aware that bank card companies and banks really do have the capability to restrict what you can buy using their credit card. This is simply not how they advertise their cards, and it is likely a shock to many users, who are quite used to deciding for themselves what they will purchase, especially from CC Exchanges and the rest of the merchants who have established Merchant Agreements with one of these banks. The Exchanges did nothing wrong - neither perhaps you have - but fear and greed in the banking industry is causing strange things to happen. This further illustrates the degree to that the banking industry feels threatened by Crypto Currencies. At this time there's little cooperation, trust, or understanding between the fiat money world and the CC world. The CC world doesn't have central controlling body where regulations may be implemented over the board, and that leaves each country around the world trying to figure out what things to do. China has chose to ban CC's, Singapore and Japan embrace them, and a number of other countries remain scratching their heads. What they've in keeping is that they would like to collect taxes on CC investment profits. This is simply not too unlike the early days of digital music, with the internet facilitating the unfettered proliferation and distribution of unlicensed music. Digital music licensing schemes were eventually developed and accepted, as listeners were OK with paying a little something for his or her music, as opposed to endless pirating, and the music industry (artists, producers, record companies) were OK with reasonable licensing fees rather than nothing. Can there be compromise in the ongoing future of fiat and digital currencies? As people around the
world have more fed up with outrageous bank profits and bank overreach to their lives, there is hope that consumers will soon be regarded with respect and not be forever saddled with high costs and unwarranted restrictions.