MasterCard Prohibits Crypto Transaction; VISA to Follow Suit

MasterCard Prohibits Crypto Transaction; VISA to Follow Suit

According to Finance Magnates, on 15 October, MasterCard is enforcing a transaction ban on ICOs, Cryptocurrencies, Forex trading, and binary options

This action implies that credit card holders can no longer utilize the payments services to buy cryptocurrencies or add funds to their wallet. The move is said to target operators from territories with lenient or non-existent regulations.

By December, VISA will be imposing a similar ban. Holders of VISA credit cards will have until the end of this year to begin searching for alternatives to fund their wallets or buy cryptocurrencies.

High Risk

In April, digital assets were categorized by MasterCard and VISA as high risk. This would mean that chargebacks could take up to 540 days, after transaction, to be completed.

The Two Payments Behemoth and Blockchain

Last month, MasterCard Labs, the R&D arm of the payments giant, was looking forward to quicken the speed of its payments processing through blockchain. And according to data from Bitstamp, Bitcoincharts, and B.C.I., VISA and MasterCard has been outperformed by Bitcoin in transaction value.

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