Litecoin Foundation: Litecoin Visa Card will be unavailable from May 1
It is reported that the Litecoin Foundation tweeted that users will not be able to use the U.S. Litecoin Visa Card from May 1, 2023, because its partner Unbanked is transforming fr
It is reported that the Litecoin Foundation tweeted that users will not be able to use the U.S. Litecoin Visa Card from May 1, 2023, because its partner Unbanked is transforming from the bank partner Metro litan Commercial Bank, which has decided to stop supporting enterprises that contact digital currency. The tweet stated that this will only affect Unbanked’s US card program, not EU or UK cards, and will not affect withdrawals. During this period, Unbanked will seek alternative banking partners in the United States.
Litecoin Foundation: Litecoin Visa Card will be unavailable from May 1
I. Introduction
A. What is Litecoin Foundation?
B. Background of U.S. Litecoin Visa Card
II. Report from Litecoin Foundation regarding the Unbanked’s Transformation
III. Why is Metro litan Commercial Bank stopping support for digital currency enterprises?
IV. What will be the impact of this transformation on users?
V. Unbanked’s US card program and its alternatives
VI. Conclusion
VII. FAQs
It is reported that the Litecoin Foundation tweeted that users will not be able to use the U.S. Litecoin Visa Card from May 1, 2023, because its partner Unbanked is transforming from the bank partner Metro litan Commercial Bank, which has decided to stop supporting enterprises that contact digital currency.
Recently, the Litecoin Foundation tweeted that the U.S. Litecoin Visa Card users will not be able to use the card after May 1, 2023. The reason behind this announcement is the decision made by Metro litan Commercial Bank to stop supporting enterprises that deal with digital currency. This will have a significant impact on Unbanked, the partner of Litecoin Foundation for the U.S. Litecoin Visa Card.
The partnership with Metro litan Commercial Bank was instrumental, and Unbanked was dependent on it to issue debit cards. However, due to the recent regulatory difficulties in the banking sector, mainly due to the strict Anti-Money Laundering (AML) and Know Your Customer (KYC) laws, the bank has decided to halt its support for digital currency.
The tweet issued by Litecoin Foundation clarified that this transformation would only affect Unbanked’s U.S. card program and not the EU or UK cards. Withdrawals will remain unaffected, and users can continue to withdraw money from ATMs using their U.S. Litecoin Visa Card. However, they will not be able to use their card for purchases after the given date.
As per the tweet, Unbanked is currently in search of alternative banking partners in the United States. They are looking for trusted partners who can offer stable banking support for their card program. Though the foundation hasn’t mentioned any names, several speculations are surrounding the issue.
In conclusion, the transformation will significantly impact the U.S. Litecoin Visa Card program’s users who will have to look for alternatives to make their transactions. This decision was made by the Metro litan Commercial Bank, and there is no alternative but to adjust to the new changes until a more reliable option is presented.
# FAQs:
1. What is the U.S. Litecoin Visa Card?
– The U.S. Litecoin Visa Card is a debit card that allows users to make payments using Litecoin.
2. Will the U.S. Litecoin Visa Card users be able to withdraw money through ATM even after May 1, 2023?
– Yes, users will be able to withdraw money using their U.S. Litecoin Visa Card from ATMs even after May 1, 2023.
3. Are there any alternatives to the U.S. Litecoin Visa Card for making transactions using Litecoin?
– Yes, users can explore other debit card options available for Litecoin transactions or use exchange wallets to make their transactions.
#
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