The bank has sent out a communication to its users about its latest cryptocurrency terms which will come into effect on the 27th July 2020.
Revolut has stated that users will no longer be able to make card payments using cryptocurrency when the updated terms come in. At present the bank transfers cryptocurrency into fiat cash, should users hold it, but from the end of July, these transactions will now be declined.
The problem of cryptocurrency ownership has also arisen in the communication. Currently, Revolut states that it “is the legal owner of the cryptocurrency you purchase” and that it provides users ‘exposure’ to price movements.
This now changes so that the customer is the legal owner to the financial value of the cryptocurrency, which “essentially means that you will now own any cryptocurrency you buy using Revolut!”
This last statement does seem ambiguous to some extent and whether it’ll deter customers remains to be seen.
As a bank, Revolut has been progressive and pioneering in drawing cryptocurrency usage into everyday banking practice, but these term tweaks imply that the practicality of it has not always been so straightforward.
Many crypto gamblers have found a use for tools that allow for simple, mobile-led crypto exchange, as Revolut have. The bank currently offers BTC, ETH, LTC, XRP and BCH transactions, which are all widely available to gamble with at the likes of 1xBit and Bitcasino.io.
The bank has also stated that the user experience will not change, and so crypto gamblers and other users will see the same ease-of-use that currently sits in the app.