Money Wars: Russian Visa And Mastercard Customers Declined ServiceSubmitted by zooamerica on Sat, 03/22/2014 - 19:29
Ordinary Russians abroad attempting to use their Visa/Mastercard debit or credit cards have found their transactions declined.
Those attempting to settle hotel or restaurant bills or pay for retail purchases with cards issued through one of four Russian banks have been forced to find alternative means of payment.
---------- Full article linked above.
This is going to have a crippling effect on the Russian economy.
Imagine not being able to use your credit or debit cards in America.
That would make life very inconvenient to say the least.
Every business in America would suffer as a result. From airlines and hotels, to McDonald's, Home Depot, and Joe's Lunch Shack.
Not being able to pay bills and purchase products with digital money (credit cards) would be catastrophic to the American economy.
Looks like Russia's not going to get that 0% interest for 18 months offer in the mail any time soon.
At first I thought the imposed sanctions against Russia were paltry, but now I'm starting to think that the sanctions are going to be quite significant and perhaps devastating.
The United States is taking away Russia's ability to use digital currency. That's what a Visa and MasterCard is.
A country can have all of the physical gold and silver in the world, but if that country doesn't have access to paperless currency in today's digital world, they're totally screwed.