BitCoin, that controversial encrypted digital currency will launch a debit card after all. The BitInstant PayCard is a pre-paid card. In a blog post spotted first by The Verge BitCoin says that the card will launch in about 8 weeks. Like other pre-paid cards, BitInstant Paycards will have a $1,000 limit and will follow AML and KYC policies, Team BitCoin explains.
When news of the card first surfaced yesterday, MasterCard denied knowledge of the program adding that it had no relationship with BitInstant. But BitCoin explains that was because negotiations are still underway between BitCoins partners and MasterCard. “BitInstant’s partners, who are issuing the card, have been working with MasterCard for many years, and the specific relationship will be between these partners and MasterCard (not directly between MasterCard and BitInstant),” a BitCoin team member wrote.