Coinbase Launches a Crypto Debit Card!

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Recently Coinbase announced that they are releasing their own crypto visa card! Now it is easier than ever for Coinbase customers to spend their cryptocurrencies. At the moment, this service is only available in the UK. European Union countries are the next ones in line. 

Spend your Coinbase balance anywhere, anytime!

With the Coinbase card, users can spend their cryptocurrencies both in-store and online. Also, you will have a chip and PIN feature, which means that you will be able to withdraw your funds from ATMs. “When customers use their Coinbase Card, we instantly convert crypto to fiat currency, such as GBP, which is used to complete the purchase,” says in their blog.

However, this brings up questions. When Coinbase says “Customers can use their card in millions of locations around the world” while at the same time they’re saying that this service is only available in the UK. Does that mean that you can get the card only in the UK, and then use it all around the world? Or does the part of “all around the world” comes later?

Coinbase card app

Coinbase developed a separate app for this service. Within the app, users can choose which crypto wallets they are willing to fund their Coinbase card with. At the moment, Coinbase card supports all crypto wallets that are available across Coinbase platforms. It looks like the app will be no different to any other pre-paid visa card. Hence the users will have the ability to see instant receipts, transaction summaries, spending categories and more.

Coinbase has become the first major cryptocurrency exchange in the UK which has issued their own cards, thus allowing its customers to spend their balances right away. <– TWEET THIS!

“This card is issued by Paysafe Financial Services Limited. Paysafe Financial Services Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011(FRN: 900015) for the issuing of electronic money and payment instruments,” explains Coinbase in their blog.

Drives user adoption?

While crypto-payment VISA cards are nothing new in the cryptocurrency ecosystem, many Coinbase users have been waiting for this kind of feature. Coinbase still is one of the largest companies in user count. And this new service will come very handy to their customers.

However, why couldn’t Coinbase incorporate this feature within their existing Coinbase app? Instead of downloading yet another crypto app on my phone, I could just use the same app which I use for crypto storing. Nevertheless, when speaking about crypto adoption, this is a massive step towards it. As already mentioned above, Coinbase still is one of the top cryptocurrency apps in user count. That means that all their +20 million users now will be able to spend crypto. However, at the moment, only in the UK.

If you want to start your independant crypto journey with Coinbase, just click HERE!

Source:

https://blog.coinbase.com/spend-your-crypto-instantly-with-coinbase-card-4c840e59a8d8


UK c​onsiders paying council tax with Bitcoin?

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The United Kingdom (U.K.) might soon be accepting Bitcoin for council tax, reports Express. A member of Parliament (MP) Eddie Hughes said that cryptocurrencies could and should be approved for making payments to local authorities and utility providers. 

Crypto enthusiast with amateur knowledge

Eddie Hughes. Photo by Wikimedia Commons

Eddie Hughes is an existing conservative MP of the U.K. He justifies his opinion with recent news about Ohio state allowing to accept Bitcoin for tax payments. Initially it applies only to businesses willing to pay their taxes with Bitcoin, but eventually, this will be introduced to the broader society like individual taxpayers as well.

Also, he has urged other MPs to start learning about cryptocurrencies and blockchain in general.

“Only recently I met with the RNLI which is now accepting charitable donations through cryptocurrency – if we can do that, what’s to stop us being able to pay council tax and other bills with bitcoin,” he said.

Wants to see local authorities to “plant a flag” in the U.K.

Based on the Ohio news, Mr. Hughes would like to see a local authority to take charge and lead this development in the U.K., saying that “you’re either ahead of the curve or you’re behind the curve, and our country is in an interesting position right now – we need to be seen as a progressive country. We are at a crossroads and we’re about to determine our future – one in which taking the lead in this field could prove very beneficial.”

Lack of knowledge

Eddie Hughes believes that the general public until now has a very little understanding on what cryptocurrencies and blockchain is. He thinks that the lack of information on how the transactions work is holding the industry back concerning mass adoption. He also stressed the availability of this new industry: “Also, how accessible it can be – it needs to appear like an app that people will use so they can become familiar with it in a safe and secure way.”

Are the dominoes falling?

First comes the Ohio news, now U.K. Walsall North. What’s next to come? These are great news as we see countries are feeling like they could be left behind. Russian state-owned Swiss banks are thinking about crypto products. So we believe that Russia is next on the path of allowing payments with cryptocurrencies. We are slowly experiencing the mass adoption we have been talking about all these last years. We knew that this year crypto is going to be regulated massively, but we never could’ve imagined that countries would start accepting crypto for taxes so fast.

On the other hand, it seems quite evident for governments to consider this option. as they are in on everything that brings them money. So why not allow people to pay with cryptocurrencies if they want to. No one ever said that the government has to hold the asset. They can exchange it for their fiat of choice.

However, for the taxpayer, this is a huge step forward mass crypto adoption. The next step would be government-related companies or huge tax paying companies allowing employees to choose between multiple ways on how to receive their wage. Whether its crypto, fiat, cash or any other means of payment.

These are huge news, as U.K. is one of the biggest economies in the world with a population of 66 million and $2.6 trillion GDP (Gross Domestic Product). 

Source:

https://goo.gl/izJgri

Photo by Dominika Gregušová from Pexels