VISA disables wavescrest cards overnight

[Play]

If you had a VISA card issued by Bitcoin wallet providers such as XAPO (or even loadoo for that matter), you would have noticed they are now disabled.

I get the feeling, since these cards were directly associated with crypto currency, VISA felt compelled to discontinue the service as it was competitive and disruptive to them.

I feel if other card issuers follow suite, it can affect the success of crypto (a little)...

What does everyone else think?


Side note - Bitcoin seems to be shooting to the moon today though...

[lucy]

prepaid cryptocurrency cards BitPay, Cryptopay and Bitwala all have their cards suspended because it is easier to withdraw funds to the card, then withdraw at the ATM...bypassing tax to pay if the money went to your bank a/c where the tax man would see/tax it.

Prepaid cryptocurrency cards are the way to go for the smart people

Originally Posted by Play

If you had a VISA card issued by Bitcoin wallet providers such as XAPO (or even loadoo for that matter), you would have noticed they are now disabled.

I get the feeling, since these cards were directly associated with crypto currency, VISA felt compelled to discontinue the service as it was competitive and disruptive to them.

I feel if other card issuers follow suite, it can affect the success of crypto (a little)...

What does everyone else think?


Side note - Bitcoin seems to be shooting to the moon today though...

[Play]

Originally Posted by lucy

prepaid cryptocurrency cards BitPay, Cryptopay and Bitwala all have their cards suspended because it is easier to withdraw funds to the card, then withdraw at the ATM...bypassing tax to pay if the money went to your bank a/c where the tax man would see/tax it.

Prepaid cryptocurrency cards are the way to go for the smart people

That might have been the case a few years back, but this has become a lot more regulated now. Lets take a simple example, receiving bitcoins via coinbase meant you needed to report earnings - as Coinbase US was demanded to hand over details to the IRS ... this is a US based case of course.

This was most certainly nothing to do with tax, as otherwise other card issuers would of done the same, it was VISA that pulled the plug.

Giving people the privilege of withdrawing their bitcoins via ATM (as cash) made bitcoins lucrative, I think they didn't want that anymore.

[lucy]

People withdrawing to prepaid crypto cards instead of withdrawing to their bank a/c means the banks lose out on their ‘fees’ for if you for example withdraw from Coinbase to your bank. Withdrawing straight to a prepaid crypto card means the banks lose out on their ‘fees’ and as you say it makes that particular crypto much more attractive, something banks don’t want.

What’s the situation on available prepaid crypto cards in the UK? Which cards are available?

Originally Posted by Play

That might have been the case a few years back, but this has become a lot more regulated now. Lets take a simple example, receiving bitcoins via coinbase meant you needed to report earnings - as Coinbase US was demanded to hand over details to the IRS ... this is a US based case of course.

This was most certainly nothing to do with tax, as otherwise other card issuers would of done the same, it was VISA that pulled the plug.

Giving people the privilege of withdrawing their bitcoins via ATM (as cash) made bitcoins lucrative, I think they didn't want that anymore.

[rsot]

Originally Posted by SpectroCoin

Unfortunately, VISA has regulated the use of crypto cards and stopped them.
However, there are alternatives and we have to move with the situation as it is.

Spectrocoin is to announce new cards in the near future. Our virtual cards are going live soon. The physical cards' date is still not set, but they will be offered.

Please check it out HERE

We have 24/7 support who would be glad to support you.

I don't think you can advertise like this all around the forum.

[cp74]

Hi,

I talked with Spectrocoin, they say within this month, they will re-distribute the cards. Let's see. I couldn't learn if it's mastercard.

I heard a company, paycent.com, is just launched with mastercard and will work without any issues. It might be rumour, i will check personally.

Regards.

[cp74]

OK, in April, i believe they will re-launch the cards. There are changes in card page if i'm not wrong.

I guess the dealer is: www.ccsprepay.com

Indeed they have a user in this forum, they may clarify.

Regards