VISA ,Mastercard tightens norms to purchase bitcoins

London Feb 6: In a Move to ensure that Bitcoins and other cryptocurrencies are not misused and to reduce the usage of such currencies the Global Financial services corporation, VISA and Mastercard have now made it more difficult for users to purchase Bitcoin and other cryptocurrencies.

The Agencies have now tightened the norms to purchase the currencies and have decided to reclassify the way Bitcoin and other cryptocurrency purchases are processed on their networks.

VISA and Mastercard have reclassified the way Coinbase credit card purchases are processed on their networks. Sources said that "Using a credit card will result in a five percent fee, in addition to the four percent credit card transaction fee already passed on by Coinbase.Moreover, these purchases will no longer qualify for earning credit card points as well."