BREAKING NEWS: Problems with Bitcoin debit cards – what is behind it?

Since last night, various sites report that there are problems with payments with Bitcoin debit cards like Bitwala, TenX, Mobi problems .

The question is – what’s behind it?

Bitcoin debit cards are very popular, as they allow easy use as a means of payment at any debit card accepting location. Accordingly, cards from various providers such as Bitwala, TenX, BitPay are widely accepted among people who see Bitcoin not just as a store of value, but as a real mean of payment.

In order for such debit cards to be used like other cards, their providers must work with credit card service providers. VISA and MasterCard are the two largest companies, which is why cooperations with them are so wanted!

Of course, this leads to a dependence of these service providers on the part of the companies behind the Bitcoin debit cards. This dependency has now become a big problem, so Bitwala has made a statement:

“Today’s decision by Visa is a clear sign that traditional financial service providers are not interested in contributing to the growth of the crypto industry. At the moment, our customers are our top priority and we are working to help affected users. “


But Bitwala is not alone with these problems: TenX also seems to be affected. This morning they wrote that payments with the TenX card are currently not possible. They reffer discussions with their issuing bank WaveCrest, which is responsible for the European Bitcoin debit cards. In a recent announcement, Julian Hosp, CEO of TenX, stated that Visa WaveCrest has withdrawn its license to activate the cards. However, this problem should not be dramatic; Finally, TenX had been looking for a new issuing bank for some time. It looks like a problem between Visa and WaveCrest. The involvement of crypto currencies plays a role can not be assessed beyond doubt at the present time.

BitPay has written a long statement that the BitPay Card can not be used outside the United States. BitPay also attributes problems to WaveCrest, which has been ordered by Visa to stop all Visa debit accounts. American Bitcoin debit card provider, however, hopefully concludes his announcement:

“We expect to be back in your country soon. As part of our commitment to BitPay Card users, we will send you an email when the BitPay Card becomes available in your country again. “

Addendum: Visa Germany’s comment has arrived:

“The decision of Visa refers exclusively to WaveCrest, not to the entire crypto industry or crypto-economy. We can confirm that Visa’s license agreement with WaveCrest terminates and all WaveCrest Visa card programs are discontinued. Visa is committed to the security of its payment system. Compliance with the Visa rules is crucial for ensuring the security and integrity of the Visa payment system. The card programs of our issuers must comply with our license terms and all applicable laws. “

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Categories: Crypto Currency

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