Good news for Bitcoin and cryptocurrencies. Visa is expanding itself landing in Singapore with a Bitcoin and cryptocurrency debit card. According to Bloomberg, the company will start to issue debit cards that will allow customers to purchase with Bitcoin using a Visa debit card.
When a person wants to purchase with Bitcoin, the problem is where to find a shop that accepts this cryptocurrency. With this new debit card, more than 44 million shops are available to receive payments by means of cryptocurrencies. When a customer decides to purchase with this card, the company sells a certain amount of the customer’s savings in order to pay for the charge.
The chosen country to start to test this system will be Singapore. This country is known for its open policy towards Bitcoin. Some time ago, Ravi Menon, head of the Monetary Authority of Singapore, commented about cryptocurrency regulation in that country.
“Our attitude is to keep an open mind about Bitcoin. Very few jurisdictions regulate cryptocurrencies per se. The currency itself does not pose the kind of risk that requires regulation,” he said.
This step made by Visa, allows cryptocurrencies the possibility of being used as a currency in an easier way. While the biggest use of Bitcoin at the moment is speculation, with Visa, this tendency can change. We have yet a long way to do to see a mainstream adoption of cryptocurrencies.
Bitcoin and Cryptocurrency Cards are Expanding
There are different Bitcoin debit cards in the market at the moment. BitPlastic, Shift, Wirex, Xapo, CryptoPay and BitPay are the most known crypto cards available right now. This year, Bitcoin and cryptocurrency market capitalization arrived at 200 billion dollars, something that is expected to grow in the coming years. Mainstream adoption of cryptocurrencies and Bitcoin can come with greater support from big enterprises like Visa.