Topic: Do card holders like Visa provide information to Central Banks? (Read 833 times)

There were some on Google, but they had extremely high fees and looked like scams, so I don't really know one I would recommend right now.

I don't think so, they all use Visa/West Crave as a card provider, and for that very reason all have to comply with Visa KYC policies. If you know one let me know

Are there any legitimate non-KYC cards left at this point? Seems like all died out recently.

Yes at least Bitwala are very upfront in all their procedures like KYC and especially with the fees.

They made a comparison between the major card providers, cheapest of the market as far as I know (adv cash second place), totally recommended:

https://blog.bitwala.com/does-bitwala-have-the-best-bitcoin-debit-card-on-the-market-353ab50b34e3

Disclaimer: I'm not affiliate on Bitwala or part of them, just a happy costumer.

Check the actual modalities. You still have to comply with KYC/AML if you want to be able to use your money. You're just adding an extra step at outrageously high fees. Not to mention that it's completely foolish to go entrust your money to some pseudo-bank.

Really? Not KYC policy? I understood this is a policy enforced by VISA and they use a Visa, I dont understand that.

Virtual bank "AdvCash.com" Check that out!

Thank you all for your comments.

What I understood from your advice is that there is no automatic report of information on clients by banks or by Visa, but if required, or if any suspicious activity, they are forced to do that. So I think unless I do something stupid or crazy I'm gonna be fine. At least that's what I understood!

Thank you all again.

Of course they will. They practically have to. As if there is a gun a few inches from their nape. But with regards to taxes nobody can really force you to pay the right amount of taxes. It is your money afterall. You earned it.

There are no "virtual banks" that do not have to comply with KYC and AML.

All banks work with goverment, all of them, except virtual ones!

In some countries they have to report immediately. And if there are any irregularities there might be a thorough investigation.

NO! they are not allowed to divulge such information unless authority ask for it.

I think since Visa, Mastercard and the like are financial institution they are required to provide client's information to authorities, specially regulating bodies.

When it comes to fiat banking I believe banks are required to provide your information
to the central bank if your account was put into question ( at least for my country)
since we have a bank secrecy law. But if you are transacting crypto currency I am not
sure if central banks have new regulations about it.

Well I know for a fact that the ECB is asking the banks to "check" all their costumers by 31st December, especially foreign accounts. Apparently they have that power.

Yeah I think that pretty much sums it up, at least it's been my case in the last years. My assumption was there is no automatic sending of data from either Visa nor Skrill to the Government UNLESS required. I think I'm not a target of the State due to my situation (young, never worked, never paid taxes). It could happen, but it's extremely unlikely, and in this case I would just pay the fines, the amounts are not that large so that I could go to prison or something really bad.

I was a little bit more worried because Bitwala is a "bank" from within the EU (Germany), and the amounts are going to be higher, but I will stick to the "stay under the radar" mode, don't do anything stupid like the big transaction I made, and cross fingers. Maybe make some more small transactions in the last of this tax year and then spread what I intend to put out between 2018 and 2019 and then go back to a normal tax situation.


My situation is what it is right now, I could have made things a little different in the past but as for now I cannot change them. It's somewhat difficult to manage like that through life, for example you cannot invest in something different than BTC so that your money doesnt lose value every year, you cannot buy a house, a car, etc., but I intend to go back to normal after a year or so when it will be much easier for me, let's hope this works.

Thanks all for the help guys.

What does your central bank do with your banking activity?

It's more likely that Visa tracks this information but doesn't proactively report it out. Visa would give it up if a government agency declared they needed it (lawfully).

I wouldn't worry to much. It's hard to be completely anonymous, and it's not all that morally responsible either.

Since you are using a debit card for your withdrawal your information are open to the banks,
and if your government wants to get that information from the bank then they are going to provide it.

Taxes are inevitable and you can't avoid it if your government wants to ask for it since you are
converting your bitcoin to a fiat currency. If you really want to evade those taxes then just keep
the coin or you have an option to sell the coin to another person that is willing to buy it without
applying those taxes.

I think you should check your tax code and find the cheapest way to legally cash out your crypto profits.

If you don't like your government for any reason (corruption, tax too high, or whatever) then look for a different country, move there, and pay taxes properly there.


There are some very nice countries with low enough tax rates to not feel compelled to evade them.

And if people moved to such countries on a large scale the rest of the world would have to adapt to suit the needs and wants of the people.