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RE: Bank of America & Chase ban all crypto purchases with credit cards
I think that this step taken by some banks is done in order to curb the use of stolen credit cards to purchase irreversible cryptocurrencies which make it almost impossible for banks and global law enforcement agencies to follow the stolen funds and recoup the losses.
Given the fact that identity and credit theft is one of the fastest growing global financial crimes, this is a wise and good measure for banks to take.
I somehow do not think that banks did this to prevent people from overleveraging themselves in cryptos as banks are not responsible for potential losses that some of their clients may incur by trading cryptocurrencies.
Just stating my opinion. Let me know what you guys think.
IQeon represents an infrastructure that will allow the integration of games, applications and services based on intelligent competitions between users (Player vs Player).
Fully supported by Ethereum blockchain, mechanism of smart contracts, on the basis of which IQeon token is issued, will provide permanence and reliability of the conditions of each competition, as well as a guarantee of winning.
Though i do agree ID theft is something banks want to avoid, i do also believe they don't want people to leverage themselves as credit card defaults are rising at a quick rate.
-Credit card delinquencies rose to 2.53% across all commercial banks.
-Credit card delinquencies soared to 5.34% across small banks, the highest since the financial crisis.
-The major four U.S. banks saw credit card losses surge 20% in 2017 compared to 2016.
-Something also to keep in mind is Subprime auto loan defaults are starting to soar, noted by Bloomberg. ( that will be something banks cant hide from or blame anyone but themselves)
We are heading quickly back to that road we were traveling back in 2008 but on different paths.
Banks i believe are trying to discredit crypto currencies in every way...and seeing it drop in the last few weeks are taking away methods from people buying/supporting it.
Now would i use a credit card to do so?
No...it isn't financially sound to do so.
but that's me.
thanks again for replying!