US Watchdog Excludes Virtual Currencies From Prepaid Card Rules
The Chamber of Digital Commerce has welcomed a decision by the US Consumer Financial Protection Bureau (CFPB) to exclude virtual currency offerings from its tightened regulations on prepaid cards. CFPB: Virtual Currencies ‘Outside Scope’ of Prepaid Card Legislation. The CFPB’s statement of October 6, signaled tighter controls over prepay on consumer....
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In a proposal today, the European Commission – the executive arm of the European Union – sought stricter rules on the use of virtual currencies like bitcoin. Citing reasons of terrorism and money laundering, the European Commission has proposed stricter rules for the use of virtual currencies, an official press release revealed today. The changes will see digital currency exchanges and wallet providers fall under the purview of the Anti-Money Laundering Directive (AMLD). Such a move will seek to bring an end to the anonymity associated with digital currency transactions. The proposed rules....
Prepaid credit cards are not new. However, a prepaid credit card that can be funded with bitcoins is. The BitcoinCard is a credit card that can be funded via BTC. Don't get too excited though, as this card does not let you transmit bitcoin via the card. Despite the website's UK top level domain, the company informed us that the card primarily holds Euros. When we contacted The Bitcoin Company, who are offering this card, a representative told us: "The card works as a normal prepaid credit card. The difference is users can buy it with bitcoins, and fund it with bitcoins." It's not clearly....
Coincard is a prepaid debit card you can load with bitcoins. Bitinvest is a Brazilian company that provides users a market to buy, sell, and store digital currencies. At the moment, Bitinvest only supports bitcoin and Litecoin, but the exchange plans to support other currencies in the future. Today, Bitinvest announced a new, simple way to use bitcoin practically anywhere in Brazil. It's called Coincard, and it's a prepaid MasterCard debit card that can be loaded with BTC. How it Works. Using a Coincard couldn't be simpler. After signing up for the card, Bitinvest will deliver it anywhere....
Startup BuyAnyCoin (BAC) wants to hang a prepaid crypto card next to prepaid phone and debit cards in convenience stores. They're currently holding an Indiegogo fundraiser, hoping to raise US$10,000 for merchant outreach and continued backend development. Thor Thurneau, BAC founder, writes: BAC cards would be available for credit and debit purchases, naturally, but they'd also be available for cash, which Thurneau hopes will attract the unbanked. “Imagine this: You walk in to your local convenience store, grab a drink and head to the register. In your peripheral vision you catch a glance....
Prepaid debit cards will become subjected to tightened regulations proposed by the Consumer Financial Protection Bureau by October 2017. According to Lauren Saunders, the associate director of the National Consumer Law Center, the standard of regulation for prepaid debit cards will match that of bank accounts and bank-issued credit cards in terms of loss compensation, fee disclosure, and overdraft fees. Saunders announced: “The rules bring prepaid cards out of the shadows, with protections that in many ways are stronger than those for traditional bank accounts.” Newly implemented....