A shock announcement from Bitwala to their clients has been received. The announcement went into effect immediately without delay. Bitwala is a popular and growing blockchain banking service where many clients used Bitcoin to send & receive money, pay bills, and convert to load their VISA prepaid card.
The announcement states “Yesterday our Bitwala Card issuer WaveCrest Holdings Ltd received direction from Visa Europe to immediately suspend all Bitwala cards effective immediately. Unfortunately, neither Visa nor WaveCrest were able to provide us or you with more time to prepare for this announcement. Our team has been working very closely from the time of the announcement until now with Wavecrest to provide you with the most up to date information possible.”
This follows on from the news that erupted on 1 September 2017, when the Bitcoin Debit Cards Service to Non-European Residents were halted mid-September, citing ‘Visa’s New Rules”. At the time, BTCC and Bitwala, Xapo, Cryptopay, and Shakepay amongst others moved to stop debit card service to users who reside outside of the Visa European payment network. Mastercard is following suit and will suspend all crypto debit cards outside of the European Economic Area (EEA) shortly.
After this shock announcement, we are sure to see communication from the other Bitcoin Debit Card service suppliers, Xapo and others as they are instructed to shut down their debit cards.
Cryptopay Announcement – see below
Cryptocurrency is becoming mainstream as well as a headache to banks and governments who want oversight of holdings and earnings – expect more regulation to step up.
However, it is only a matter of time before someone somewhere comes up with a solution to this issue. Perhaps a new version debit card or cardless system enabling cryptocurrency enthusiasts to swipe and withdraw cash anywhere, anytime… with ease!
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