Your Input Please Nationwide Introduce Crypto exchange/purchase restrictions

[dunover]

It seems this will likely mushrooom in coming months as it seems UK banks/BS's view crapto as little more than gambling and opportunity for fraud and laundering:

​

We will be introducing restrictions on purchasing crypto currency from 28 February​

The Financial Conduct Authority (FCA), who regulate the financial services industry, has highlighted certain risks associated with purchasing crypto currency. With this in mind – and because we want to do everything we can to help keep members’ money safe – we’ll be making the following changes from 28 February: We will be introducing limits on card payments made to crypto exchanges from a current account, and We will not allow payments to crypto exchanges using a Nationwide credit card. From the 28 February, where we identify payments to crypto exchanges, the below restrictions will apply: Account type NEW daily limit Adult Current Accounts (FlexBasic, FlexStudent, FlexGraduate, FlexAccount, FlexPlus or FlexDirect) You’ll have a £5,000 daily card limit FlexOne You’ll have a £100 daily card limit Nationwide credit card Neither you nor any additional card holder will be able use a Nationwide credit card to purchase crypto currency The limits are applied daily per card. This means if you have more than one current account, the limit will apply to each account. Joint account holders will each have limits applied to each card. We will continue to monitor the situation and may make more changes to limits or prevent payments to crypto exchanges in the future.

Whether this covers depositing at casinos that sell you BC or other forms of paedo-pennies I don't know. If you play with your own BC, then I assume fine, but where the casino converts your payment into crapto and back again if cashing out, this could well be deemed and 'exchange'??

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[satchnz]

Will they change our nappies and burp us too?

 

[Webzcas]

I understand that most credit cards are already not allowed to purchase Crypto. Certainly the case with Lloyds anyhow. Personally I do not have an issue with that.

If you are a serious trader surely you would use CHAPS or something similar anyhow.

 

[Deeplay]

I understand that most credit cards are already not allowed to purchase Crypto. Certainly the case with Lloyds anyhow. Personally I do not have an issue with that.

If you are a serious trader surely you would use CHAPS or something similar anyhow.

Yep and I am now starting to bypass using any debit card for crypto purchases and where I can will use FPS its instant or near on. No need to punch in card numbers. Had a bash the past 2 days using this method - it was credited to my crypto wallet within around 5 minutes. Then I managed a withdraw where I withdrew back to my bank and it was near on instant less than 5 minutes.

 

[Deeplay]

Just got a message RBS are clamping down also on Crypto purchases. But I have not been able to buy crypto with RBS for a while anyway. Barclays where I have a burner account still works but for small none frequent purchases to a few places. The challenger banks I have I blocked crypto and gambling anyway because its linked to business and wont look good on the spread sheet if they are a stack of crypto buys ... so yet another doorway to this vice slowly being slammed in our face!

Also side note Luno who I have used a lot in the past are now starting to crack down on anything linked to gambling again. I escaped a purge earlier this year - and managed to keep the account open but some on the grape vine are seeing accounts shut down. They dont seem to hold funds from what I heard - and do process withdraws before kicking you out and blocking you for life. Real shame because Luno is so easy and fast - anyone can work it out. But they are now going the way of Coinbase it seems.

Really pisses me off that as adults we can not chose where and how to squander our own hard earned cash

 

[bamberfishcake]

Will they change our nappies and burp us too?

Eventually. Pfizer is developing a nappy that is clinically unproven and untested to catch all your ones and twos.

Wearing a nappy will limit the spread and also protect others against infection. Once you are nappied, you only need to renew your nappy each month for the rest of your life.

Those who are unnappied will be villainized as the conspiracy theorists and racist, right-wing activists they are. The unnappied will face travel restrictions, discrimination at work, and more encouragement to feel safe wearing a Pfizer nappy for eternity using our anti-social credit scoring system.

Since the start of the poodemic, natural excretion is largely off the table as undisclosed evidence that is unavailable until you are dead, says a nappy is better - confirmed by renowned medical experts and leading doctors such as Bill Gates.

Warning: Using a Pfixer nappy may have harmful side effects but we just don't know, and if we did, we wouldn't tell you.

 

[justdoit]

they block Credit card to buy Crypto, But you can easy make deposit on Skrill from credit card and withdraw to your Debit card in 5 mins, lot of ppl use Skrill like ATM from Credit card to debit card and Credit card dont charger as cash spend

 

[spurs1882]

I use Revolut and Faster Payments.

 

[bamberfishcake]

A video about the CBDCs on the way, like the Digital Euro.

Some big changes on the way, and much sooner than most people think.

 

[KasinoKing]

A video about the CBDCs on the way, like the Digital Euro.

Personally, I prefer the AC/DC's

As I have the attention span of a goldfish and so lost the plot of that video after about 30 seconds, and also I don't understand "cyber speak" - can you explain in simple terms what is the difference between a "digital Euro" and what we have now?
Surely, all currencies are "digital" now, as the vast majority of people only use electronic transactions and have forgotten what actual CASH is!

KK

 

[chuchu59]

Same here in Hong Kong. China is pressing on with introducing the 'digital yuan' here in the near future.

 

[bamberfishcake]

Personally, I prefer the AC/DC's

As I have the attention span of a goldfish and so lost the plot of that video after about 30 seconds, and also I don't understand "cyber speak" - can you explain in simple terms what is the difference between a "digital Euro" and what we have now?
Surely, all currencies are "digital" now, as the vast majority of people only use electronic transactions and have forgotten what actual CASH is!

KK

I know exactly where you are coming from. I have been watching and learning about crypto for almost eight months now, and still my mind boggles.

My explanation wont be as impressive as our friend in the video, but here goes:

Governments are developing their own digital blockchain currencies to replace the current system. Blockchain technology is faster, has lower fees, and you can do more with it, such as smart contracts. China is ready, Australia and India are nearly there, the UK is preparing, other CBDCs from around the world are on the way, and whilst Coinbase, XRP, and other crypto companies have been pushing the SEC for regulation, the general opinion is they are stalling while the FRB set up the US CBDC.

I think this may be an effort to counter the move to crypto and control the market, potentially introducing new rules and regs with their own CBDCs, which can then be enforced onto the crypto space (except for possibly Bitcoin). I would imagine the current banking crisis has some influence, plus big business is gradually moving over to crypto because it's cheaper - VISA and Mastercard, I believe, are looking at international transfers through crypto for a percentage of their transactions. They may already be doing it.

From what I can tell, this means digital IDs for all, CBDCs will replace traditional currencies, and everything will be on blockchain technology. The conspiracy theorists, also known as fortune tellers, will suggest this means more control over how you spend your earnings using smart contracts (contracts set up to automatically take money, like a direct debit you cannot cancel).

p.s. I forgot you said you have the attention span of a goldfish; here is the short version:

Cash/Traditional Currency going.
Digital Currency instead.
Digital ID.
More control by governments over your spend.

p.p.s. you can actually cancel a smart contract, but only if it is programmed to have that function.

 

[justdoit]

A video about the CBDCs on the way, like the Digital Euro.

Some big changes on the way, and much sooner than most people think.

 

[bamberfishcake]

I don't think it will be as initially severe as suggested because although we are somewhat already whipped into submission, many would rise up against the tyranny of being told where to go on holiday or being restricted on food types, but it is certainly something the CBDC systems can do.
It will be a gradual move across, starting around 2025, from what I can tell.

A good point was raised about programmability, which is covered in greater detail in the initial video I posted. around 11:45. The Digital Euros definition of programmable money is vague, and although hints towards the new system being free, it allows intermediaries to manage recurring payments and triggering of payments when certain conditions are met through smart contracts, which is programmability. They seem to be passing the programmability side on to big business - not much to worry about there then, considering they are in bed with each other nowadays.