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Cryptocurrencies

The Bitcoin System allows transactions to occur directly from person to person without requiring a central party (such as a bank) to verify or record the transactions.

This is unlike most conventional payment methods, such as electronic bank transfers, which rely on a central party such as a bank to keep and update records of transactions and maintain records of those transactions that include ultimate beneficiary of any payment.

Given the anonymity provided by the Bitcoin System, and its worldwide reach, there are questions about how to limit the use of digital currencies for criminal activities.

In addition, the current fascination with cryptocurrencies has potentially added to the speculative nature of these markets, and has raised concerns around consumer protection.

Therefore, due to concerns regarding the ability of BSP to have access to data relating to crypto currency transactions, and the authenticity of those transactions, we wish to advise that our VISA cardholders will no longer be able to perform transactions using their BSP issued VISA card for cryptocurrency type transactions.

Should you have any questions relating to the subject, please contact our Customer Call Centre on Telephone (675) 320 1212 / 7030 1212 or Email: servicebsp@bsp.com.pg

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