Tangem has developed a technology that allows you to pay for goods and services with ordinary bank cards, debiting funds directly from crypto wallets. This follows from a patent issued to this organization by the US Patent and Trademark Office (Izvestia has read the document).
The essence of the innovation is that at the time of making a payment through a POS terminal, the bank that issued the card exchanges “coins” from the client’s crypto-wallet for traditional (fiat) currency and transfers it to the point of sale through the Visa or MasterCard payment system. That is, with the help of a card, the buyer pays with ordinary money, but using a crypto wallet.
In theory, the proposed scheme may be attractive to Russians – replenishing cards of foreign banks via SWIFT is long and expensive, and payments do not always go through, said Denis Kuskov, CEO of TelecomDaily. In addition, such a wallet cannot be blocked – for example, if a user or his country is under sanctions, Tangem explained.
At the legislative level in the Russian Federation, the use of crypto-money as a means of payment is limited, however, it is allowed to store digital coins and conduct exchange operations for investment purposes, recalled Yaroslav Shitsle, head of the IT & IP Dispute Resolution department at the law firm Rustam Kurmaev and Partners.
“The emergence of such a technology will make it possible to carry out payment transactions without violating the law, since it turns out that the bank will take over the exchange operation, and the client will already be paying with the so-called fiat currency,” the expert explained.
Read more in the exclusive Izvestia article:
Replaceable coin: bank cards are tied to cryptocurrency
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