Monaco card seems, to me, to be a crypto-to-fiat conversion layer that is not the same as accepting cryptocurrency. It's essentially a BitPay card. Merchants have no need to accept cryptocurrency with Monaco; the consumer is the one that spends the crypto, and Monaco converts this to fiat for the merchant to accept during a transaction.

Plus, Monaco is holding the money. They control the private keys. This is the equivalent to a traditional bank holding your fiat currency. If something happens to Monaco, what happens to the money they hold? I personally would not want to risk the possibilities in that scenario.