Joint Bankcards Banned by People's Bank of China

[hl5460]

Last week’s rumor turns out to be true: all dual-network cards, a credit card bearing logos of Unionpay plus VISA or Mastercard, will be banned by the People’s Bank of China (PBC) as per various media report in China, including CCTV.

According to the new rule, transactions conducted by foreign bankcard associations that have not acquired domestic bankcard clearing licenses should be denominated in foreign currencies, and any of their transactions that were conducted within the Chinese border will be considered illegal.-Global Times
 


http://news.8btc.com/joint-bankcards-banned-by-pbc-making-room-for-bitcoin-virtual-card

[JeffBrad12]

According to the new rule, transactions conducted by foreign bankcard associations that have not acquired domestic bankcard clearing licenses should be denominated in foreign currencies, and any of their transactions that were conducted within the Chinese border will be considered illegal.-Global Times

Chinese was kicking the foreign bankcard association from his country, their new rule is very strict.
If it won't bring good news for international bankcard associations.
the government has taken the steering for that, the intervention is near.  

[piloder]

http://news.8btc.com/joint-bankcards-banned-by-pbc-making-room-for-bitcoin-virtual-card

So if they are talking about banning all visa/mastercard logo bearing debit cards, doesn't this will also apply for bitcoin debit cards which have visa/mastercard logos like from cryptopay, xapo, coinsbank etc? Or does this ban is only for card holding dual logos like unionpay + visa/mastercard ?

[jondeen707]

http://news.8btc.com/joint-bankcards-banned-by-pbc-making-room-for-bitcoin-virtual-card

So if they are talking about banning all visa/mastercard logo bearing debit cards, doesn't this will also apply for bitcoin debit cards which have visa/mastercard logos like from cryptopay, xapo, coinsbank etc? Or does this ban is only for card holding dual logos like unionpay + visa/mastercard ?

Yep, additional clarification would definitely help. Anyway it's clearly aimed at tightening capital controls. And that, again, may stimulate demand for bitcoin in China.

[IIOII]

Apparently the Chinese government wants to squeeze out VISA and Mastercard to pay license fees. I'm sure it will be easy, considering that China is a huge market for them.

Another motive could be boosting use of the Yuan and to get rid of USD dominance in the marketplace.

A lot of card holders will be annoyed by this move for sure. The question is who they will blame for it and if they may even start looking into Bitcoin.

[Zadicar]

Apparently the Chinese government wants to squeeze out VISA and Mastercard to pay license fees. I'm sure it will be easy, considering that China is a huge market for them.

Another motive could be boosting use of the Yuan and to get rid of USD dominance in the marketplace.

A lot of card holders will be annoyed by this move for sure. The question is who they will blame for it and if they may even start looking into Bitcoin.

Lots of card holders will surely be annoyed on this implementation on which banning all VISA and mastercard. I dont really know whats the reason behind on this  step but some other members said that it might put some charges on foreign currencies that will enter to the country, USD is somehow dominant compare to yuan thats why government already make such step.

[Yakamoto]

Now that's a surprising choice.

I don't know why China would do something like that, unless they're really trying hard to completely limit capital flowing out of China and into other western countries. They're either pushing to dramatically expand their domestic financial tools, or they just want the US out of their country and want to prevent something like what happened to Russia happening to China.