Crypto Digest #19: China Banning Offshore Crypto Exchanges, More Credit Cards Forbid Crypto Purchases
Published in
2 min readFeb 5, 2018
With Bitcoin going down below $6,900 (all the way from $20,000 in December) it’s certainly not the brightest day in the Crypto Town. Still, if you’re in for the long-term signals, then sit back and skim through today’s crypto news digest.
- No doubt, China’s banning of offshore crypto exchanges and ICO websites is one of today’s most viral news.
- Numerous crypto- and ICO related websites are being blocked by China’s Great Firewall.
- According to the South China Morning Post quote the measure was taken to prevent financial risks, which were not completely withdrawn from China after the official ban.
- Litecoin transactions processor LitePay is rumored to be released this week. Through the LitePay business will be able to accept payment in Litecoin.
- Users of the LitePay Visa Card will be able to convert USD to Litecoin and pay at any institution that supports Visa Cards and withdraw it from any Visa supported ATM.
- With Visa having locked down the pre-paid card provider Wavescrest (used by TenX, Bitwala, and others) the announcement of a LitePay Visa Card sounds somewhat questionable.
- More credit cards are refusing to support crypto purchases. Joining Discover, JP Morgan Chase and Bank of America Lloyds Banking Group, Citigroup and Virgin Money’s UK licensee turned their back on crypto purchases.
- The credit card companies tend to explain this move as a precautional measure to protect their customers from overspending, which appears to be a pretty general explanation for restricting their financial freedom.
Don’t miss your daily dose of crypto news. Join us on Telegram:
