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23 Feb 2018

Fearing Bitcoin and Seeking to Capitalize on Higher Fees, VISA and Mastercard Reclassify Crypto Purc

Fearing Bitcoin and Seeking to Capitalize on Higher Fees, VISA and Mastercard Reclassify Crypto PurcJust in time for what some savvy investors might construe as a 60%-off Bitcoin sale, VISA and Mastercard have decided to make buying cryptocurrency more expensive than ever.. BITCOIN IS “CASH” NOW?. At some point during the last week, both VISA and Mastercard decided to reclassify Bitcoin transactions as “cash advances” — as opposed to purchases. According to a spokesperson from Mastercard:. “Over the past few weeks, we have clarified to acquirers — or the merchant’s bank — the right transaction or merchant category code to use for these type of transactions (cryptocurrency purchases). This provides a consistent view of such purchases for both merchants and issuers.”. The decision is an interesting one, considering most mainstream financial institutions still laugh at the

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