China is taking even more drastic steps to curb capital outflows plaguing the economy. The People’s Bank of China has declared they will no longer support dual-brand cards. Transactions conducted by foreign bank card associated without Chinese licenses will be considered illegal within the country’s borders. Not a positive development for the economy, but another reason why Chinese people should look closer at alternative solutions such as Bitcoin.
The End of Joint Bank Cards In China Is Here
To put this news into perspective, the ban would apply to payment cards sporting two different logos. For example, a UnionPay card also showing a Mastercard or Visa logo would be a violation of the new law. That is, assuming the foreign bank card association has no domestic bank card clearing license. It is expected mainly prepaid providers will be affected by this decision, whereas major card issuers should be safe from harm.
Interestingly enough, joint cards have been available in China since 2003. Thanks to the efforts of UnionPay and foreign bank associations, these cards quickly become a favorite commodity among consumers and business people. Most people use this card for abroad expenses through the Read more ... source: LiveBitcoinNews