MasterCard to ban issuing BTC prepaid cards outside EU

Non-residents of the EEA will no longer be able to use Bitcoin-cards from MasterCard
14 October 2017   1171

Lately, Visa announced it would suspend all crypto debit cards outside of the European Economic Area (EEA).

Now, it seems like MasterCard is to do the exact same thing. Existing cards will remain active for three more months, after which point they will be blocked automatically.

This news affects a lot of companies involved in the cryptocurrency debit card industry. Advcash, for instance, has already informed its customers that it cannot offer plastic and virtual cards to users in countries outside the EEA.

We regret to inform you that starting today due to recent Mastercard policy changes Wave Crest Holdings, our card provider, is unable to offer plastic and virtual cards to users in countries outside the European Economic Area (EEA). At the moment, we do not issue new Advanced Cash cards to countries outside the EEA/SEPA zone. Existing cards issued to non-EEA countries will remain active for 90 more days, after which they will be blocked. We are working to keep offering our cards to countries where we have the most users despite these policy changes. We will be able to tell you more about this at a later stage.We apologise for any possible inconvenience in this regard.
 

Advcash team

All existing cards belonging to people outside the EEA will remain active for another 90 days. After that time, MasterCard will block the cards automatically. Any remaining funds on one’s card must either be spent or withdrawn through the card issuer before that time. It will become impossible to register for such cards as a non-EEA citizen from now on.

Bank of America: Cryptocurrencies Are a Threat

Bank of America (BoA) has admitted to US regulators it can not pretend any longer that cryptocurrencies are not a threat
23 February 2018   128

On February 22, the report was filed with the US Securities and Exchange Commission (SEC). It listed a range of economic, geopolitical, and operational risks that the Charlotte, NC-based bank faces as it heads into the new fiscal year. Crypto adoption was on the list for the first time.

Bank of America (BoA), which recently banned purchasing of crypto with credit cards, stated that this and other similar policies could cost the bank clients.

Clients may choose to conduct business with other market participants who engage in business or offer products in areas we deem speculative or risky, such as cryptocurrencies.

The second largest bank in the U.S. said that adoption of cryptocurrencies could require the bank to make “substantial expenditures” to update its existing services and remain competitive with upstart firms.

The widespread adoption of new technologies, including internet services, cryptocurrencies, and payment systems, could require substantial expenditures to modify or adapt our existing products and services.

According to the Bank of America, cryptocurrencies could limit the institution’s ability to comply with anti-money laundering regulations.

Eventually, this is one of the first public admissions that financial institutions are beginning to worry that mass cryptocurrency adoption could one day become a reality.