Many cryptocurrency enthusiasts and proponents have expressed frustration at the fact that even though more people know about Bitcoin (BTC) and cryptocurrency than ever, that everyday purchases cannot be made with cryptocurrency. For example, one cannot simply make retail purchases with cryptocurrency the same way that they can with a credit card.
It appears as though a company is looking to change that. Interestingly enough, the company that is seeking to change this is based out of China, which has notoriously cracked down on cryptocurrency and initial coin offerings (ICOs).
About The Card
This would be the first cryptocurrency credit card offered in China, courtesy of a company called Biser. The initiative is possible thanks to Biser signing an agreement with a smart bank, while Biser itself is a decentralized social media application.
Biser markets itself as a social media that focuses on privacy and security, and each payment through Biser would boast a transaction fee much lower than traditional credit card fees. One could also send funds immediately to those on their contact list through the app, as well.
A Different Approach
It is no secret that China, unlike many other progressive countries, actively censors the Internet, especially any content that might criticize the government in any form or fashion. In fact, a notable startup by the name of Bytedance was actually forced to shut down because it was sharing memes, news, and jokes that drew the ire of Chinese regulators.
That’s why it is quite surprising to see Biser describe itself as a social media platform that is “using blockchain to unlock the power of free speech”. The Biser platform has its own token, the Bisercoin, and has already completed its ICO. Regardless, the payment card boasts that it will be compatible in any retail shop that supports either Mastercard or Unionpay.