did you know that in canada, the only way to make a purchase over $5000 CAD is with a credit card?

unless the merchant accepts wires, you cannot use funds in a chequing/savings account, debit or visa debit cards, prepaid cards, etc. all are capped at 3-5k single purchase and/or 3-5k daily limits in the name of AML. you also can’t withdraw that much cash at one time without hitting daily limits.

it is truly absurd to *require* that a credit issuer offer you e.g. 10k of credit (or more) via a CC or LOC in order to spend 10k of your own money that you already have.

Goes without being said, but this is precisely why crypto/stablecoins are important. Regardless of their adoption in any dimension, they’re a check on power and a wedge to preserving the properties of cash in a digital world.

totally agree, tradfi’s arbitrary restrictions are basically an advertisement for crypto

it’s just too bad that I can’t use crypto for any real-world purchases, because in this case it would solve my exact problem (purchase > $5k)

and ironically the reason we can’t use products like Gnosis Card and similar in Canada is due to regulations 😂