Visa cancels all crypto debit cards in Europe. Is this an attack on crypto?

in steemit •  7 years ago 

Visa cancels all crypto debit cards in Europe. Is this an attack on crypto?


According to an article on coindesk: https://www.coindesk.com/visa-cracks-bitcoin-debit-cards-europe-providers-say/

Visa terminated a card issuer's membership on Friday, January 5. This lead to an announcement from BitPay stating that WaveCrest Holdings, Ltd., its European issuer, has TOLD by Visa to close its accounts.

Don't worry - Any remaining balances will be refunded. This includes card order fees after December 1, 2017.

Cryptopay and Bitwala have also announced that they'd be ceasing their services and returning funds back to customers as well.

As of now, this isn't affect anyone outside of Europe, but people are saying that this is attack on crypto could be the first among many that seek to hinder progress in the space.

I would argue otherwise. While having an issuer, such as Visa, is critical for projects like TenX and companies like BitPay, this attack from Visa could be what we need to stimulate MORE innovation in this sector of blockchain.

I doubt TenX, Bitwala, Cryptopay, and BitPay are just going to sit and do nothing about this situation. Innovation will always find a way around regulation, especially this deep into the game.

FYI - Cryptopay announced in a tweet that they've already begun negotiating with another card issuer.

We'll be fine.


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I rather something like this happen now rather than later where more users would have been affected. I ultimately think this will prove to be a grave mistake on Visa's behalf. Knowing that Visa might not be crypto friendly, may prevent future Visa crypto partnerships from forming.

This will only temporarily stifle these companies, but now they can find better alternatives before they are heavily integrated. We're also going to learn how these companies respond to setbacks and adversity., which may give an indication of future success and viability.

Agreed - Like I said in the video, innovation will ALWAYS find a way. Exactly, the companies that manage to overcome this hurdle may be the ones that we'll see rise to power within the next 5 to 10 years. It's a minor set back in the big picture.

Followed and Happy Sunday! :D

Thanks for the follow!!