It is now official, users of Coinbase will now be charged a fee by the credit card issuers. The governments of the world seem to crack down on tax evasion and anonymity in regards to crypto-currencies. The banks today want to take advantage of this market. And the best way to get there for these institutions is to change the category codes of merchants associated with transactions in Coinbase.
Source : Vimeo. The credit card issuers will ask for a commission for the trade on Coinbase.
What is the MCC ?
A category code merchant is a four-digit number assigned to merchants. It allows companies to between classified according to the types of goods and services that they offer. It is a way to tax bodies such as Internal Revenue Service of the United States and the Canada revenue Agency to keep an eye on the business.
A commission will then be requested by credit card issuers for this purpose. Thus, the financial instruments, such as crypto-currencies can now be secured.
A major breakthrough in the world of crypto-currencies
The world of crypto is at its peak with the approach of the G20 summit. The major economic powers of the world seem ready to discuss the regulation of digital currencies the next month.
Source : Pixabay. The price of Bitcoin is experiencing a historical decline.
While in a sense, the legitimate regulation of the Bitcoin and other virtual currency, the market of crypto-currencies is currently experiencing a very difficult situation. Moreover, the price of Bitcoin stood at its lowest level for the past three months, falling to less than $ 7,000.
When the crash will he finish ?
It should not only count on this decline in the price of Bitcoin. The length of the longest downward trend of Bitcoin was exactly 411 days. The situation can be reversed if the regulations are put in place and that the authorities approve of this technology.
It is now clear that the digital currency still has a long way to go in terms of mass adoption.
Source : NCC