Italy’s Prepaid Card Startup Bitsa Supports Altcoin Monero

Italy’s Prepaid Card Startup Bitsa Supports Altcoin Monero

Bitsa, a prepaid card startup based in Italy, has announced expanding its business by supporting altcoin Monero (XMR).

 The move allows XMR users to easily make payments and transfers.

Despite being user-unfriendly, Monero is a digital currency that is stable and untraceable.

Launched in the third quarter of 2019, Bitsa supports almost 12 cryptocurrencies such as Bitcoin.

Bitsa CEO Luis Vaello said:

“We do not know 100% if we are the first card to support Monero, but we are definitely ones of the first and at least the only one fully functional.  Our idea is to make Bitsa recharged with as many funding methods as possible.”

The company stressed that Monero’s transactions are untraceable due to their anonymous nature:

“While the vast majority of cryptocurrency transactions are verifiable and traceable by anyone, the addresses (sender and receiver) and the amounts sent are hidden in Monero. Therefore, since there is no trace due to its high privacy, it is impossible to distinguish these tokens.”

Vaello, who also serves as CEO of Spain-based financial service provider Bitnovo, said Bitsa is complying with the European Union’s Anti-Money Laundering Directive (5AMLD).

Some countries not complying with 5AMLD

However, Vaello indicated that some countries have not applied this law such as Spain. He indicated:

“All countries should have transposed the directive by Jan. 10, 2020. Unfortunately, this has not happened in countries like Spain where there are big industry players like Bitnovo selling cryptocurrency gift cards in thousands of stores.”

“Regulation is not fast in every country. Nevertheless, companies like Bitsa, Bitnovo and many other exchanges are fully compliant,” he added.

Cryptolydian earlier reported that the 5AMLD came into effect on 10 January. The new law is an initiative to bring increased transparency to financial transactions for pushing back against money laundering and terrorist financing across Europe.

Accordingly, the 5ALMD will give European financial regulators increased access to information via centralized bank account registers.

According to a 5ALMD fact sheet, it will also tackle terrorist financing risks linked to anonymous use of virtual currencies.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.