BREAKING NEWS : Bank of America and JP Morgan Are banning CC purchases

[Schirer]

1) I was under impression that VISA and MAsterCard has banned all crypto purchases outside of EU.
2) In any case it is understandablesince US has amazingly poor security regarding CC purchases, seems that they are still living in 90s.

1)  No ... The US is outside of the EU and Visa/Mastercard has not banned crypto purchases.
2) What do you mean that the US has poor security regarding CC purchases.  The consumer has very good security.  If you end up with an unauthorized charged, the cc company will charge it back, and give you your money back.

1) ok, i just RE-researched the issue . The article which stated that crypto purchases is banned outside EU was questionable without any sources. Couldn't find additional sources also.
2) They Do have poor security.
 First of all US stil have widely used CC which can be used only with your signature. Which means that there is no security on the CC, everyone can imitate signature in such level.
 In EU when web purchases are made there almost always is 2 step verification needed.

Offcourse you can make a charge back. But in this case the seller is scammed because most of the times the product is shipped or service provided. that means that seller has lost their time , whiich is lost money.
Not to mention the work hours whicih are lost due these kinds of charge backs. it slows the whole economy down as a whole.

[mrsamuelmills83]

JP Morgan is aiming to ban CC on February 3rd and Bank of America to ban CC on February 2nd.


Looks like for right now they will only be banning CC purchases, which is not as bad as it sounds. If someone steals your CC and maxes it out buying cryptocurrency, then that could be a huge problem. Plus people can likely max it out as a way of getting "lent" money they cant afford to pay back.

As long as you can make Bank wires, and Debit card purchases this really shouldn't be a big deal.






Source: https://www.coindesk.com/report-bank-america-jp-morgan-ban-credit-crypto-purchases/


Also dont forget Bank of America has a patent for an exchange system : https://www.coindesk.com/bank-of-america-outlines-cryptocurrency-exchange-system-in-patent-award/

This is old news i am replying to, I know that but this is relevant anyway because this happens all over the world with banks doing this. what they don't know is that people will stop using them if they continue this way...

[kingkonjac]

I hope this move has a positive effect on consumers as it will cut the investment with debit which is not a good thing and as the saying goes don`t invest what you can`t afford. Hope somehow it reduces investing with debt.

[longwintershere]

I believe it was only credit card purchases that were banned because of uncleared regulation. It was not that the banks don't allow purchases in general. It's better to get the facts straight.

[gotminer]

I believe it was only credit card purchases that were banned because of uncleared regulation. It was not that the banks don't allow purchases in general. It's better to get the facts straight.

Yes, that was the case in the United States.

[DenisenkoMaria3571]

Very Many people do not want to depend on work and work even on bitcoins, but for some reason many do not dare.

[gotminer]

Very Many people do not want to depend on work and work even on bitcoins, but for some reason many do not dare.

What does that even mean?  You make zero sense.

[13abyknight]

Is anyone concerned about this?

This is definitely a good move that is going to address security concerns with respect to stolen credit cards. In the case of stolen CC's being used to buy anonymous tokens like Monero, Dash or Verge, it would become almost impossible to track. Would like to see the other side of this move as well as we will be witnessing people who buy cryptos with CC complaining about the move as a setback.

[TimtheYoutuber]

Is anyone concerned about this?

This is definitely a good move that is going to address security concerns with respect to stolen credit cards. In the case of stolen CC's being used to buy anonymous tokens like Monero, Dash or Verge, it would become almost impossible to track. Would like to see the other side of this move as well as we will be witnessing people who buy cryptos with CC complaining about the move as a setback.

Yeah I certainly dont see it as being a bad thing.

[spuyf3]

Credit card purchases are not always good because of overdrafts of future funds for such high-risk activities. The use of credit cards to purchase cryptocurrencies is banned, which would be better for investors and at least reduce the financial burden.