Bitcoin Debit Card Ties the Virtual Currency to the Real World

ANX Bitcoin Exchange has issued a Bitcoin debit card that can be used to purchase items in stores and online, and to withdraw cash at ATMs. Ken Lo, CEO of ANX Bitcoin Exchange, claims the introduction of this card is the first real step in integrating virtual currency into the traditional banking system. The emergence of this card is likely due to the growing number of businesses, most recently Dell, now accepting Bitcoin. In the past, Apple has also announced that they plan to allow consumers to make purchase through their apps using Bitcoin. According to Lo,

We felt it was important to go beyond current offerings in the marketplace and bring something new and innovative to our customers. The ANX Bitcoin Prepaid Debit Card enables our customers to easily transfer their Bitcoins to their card anytime and benefit from the same freedom and flexibility of a traditional credit card”.

The card can be loaded through the user’s Bitcoin wallet via the listed online exchange programs. From there, the Bitcoin amounts are converted to USD and ready to use. ANX charges a 2.5% fee to load the cards.

Concerns surrounding the use of Bitcoin for money laundering remain as the currency makes its way into the real world. ANX claims it has taken precautions to prevent such laundering, including identity and residence verification, as well as income level in some cases.

A major challenge to the Bitcoin as a vehicle of payment is the strict monitoring of transactions by regulators, of whom the majority do not recognize it as a legitimate form of currency. Despite this, ANX reports entering into partnership with a European bank and pursuing relationships with other banks in Europe and Asia to strive for the integration of Bitcoin into the real world. The use of these debit cards may alleviate some of the challenges surrounding merchant acceptance of Bitcoin, further making Bitcoin a part of every day life.

 

Read more here- “Hong Kong Exchange ANX Launches Bitcoin Debit Card,” (John Southurst, Coindesk)

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Olivia is a graduate of Villanova University where she studied Economics and History, minoring in Gender and Women's Studies. She also has experience working with federal legislatures on health care policy, women's issues, and Internet safety.

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