For those who don't know EMI is the acronym for “Electronic Money Institution” is a payment instrument which can be considered as a digital form of cash. Electronic money means a monetary value stored electronically, issued on receipt of funds for the purpose of making payment transactions, and accepted by a natural or legal person other than the electronic money issuer.
For Example:
Amongst the most popular and established in the industry fits well as an archetype for EMI behaviour towards cryptocurrency.
I've used the borderless account with debit card for over 3 years and I was relatively happy; low conversion fees, fast transfers, easy payments, only negative was that you could withdraw 250? worth of your money per month from an ATM without incurring in a 2%fee...So no big deal until then.
In early 2018, as my interest in crypto grew, I started to transfer my funds to BINANCE and I immediately get warned by Transferwise team with an email denying my transaction:
As you would; I follow the link and start reading the policy, other than finding out that this section was only updated in July 2020)
This policy I had not signed up to didn't allow me to invest my money how I wanted, which wasn't pleasant. Online you will find countless stories of people whose funds had been frozen for months for this type of transfer, so I took that as a warning and started looking for better options.
Other Exchanges:
As I researched I found that some exchanges like Kraken have a list of unsupported banks/EMI.(amongst many Transferwise wasn't supported)
Considering that EMI have come to such great popularity because they where an alternative to Banks, why most of these companies do not allow an integration with cryptocurrencies, after all they started as a forex exchange themselves (TransferWise).
Some EMI have come to the extent of posing themselves as an obstacle for their clients who are interested on purchasing Crypto Assets basically banning the whole Crypto market from their platform, limiting their possibility to generate revenue as Paypal proved in their latest report??
Clearly there are some options which are crypto friendly; like Mistertango, Advcash, Bankera, Quppy, etc...but they are often not solid or at times shady onramps to the exchanges which are difficult to trust with your money.
Transactions can be delayed severely if over 10000$ from AML checks (Anti Money Laundering) so not ideal if wanting to buy in a hurry with the volatility of this market. Is that good enough?
Considering the online demand for a low fee service (compered to PayPal where fees are astronomical ??) that is trustworthy and demonstrate solidity over time with quick transaction between Fiat and crypto to allow daily transition towards having most of their holding in cryptocurrencies.
Is your EMI/BANK crypto friendly?
What do you think? are traditional EMIs going to adapt quickly following Paypal allowing crypto operations? and get a ticket for this bull cycle???
Or are they going to end up in the museums like traditional banks by 2030???
Let me know in the comments what you think ???
Join Celsius Network using my referral code 185126dd53 when signing up and earn $20 in BTC with your first transfer of $200 or more! #UnbankYourself
https://celsiusnetwork.app.link/185126dd53
