>That's a regulatory loophole though one could imagine the US would start complaining about if this really took off.
Seriously. I don't see the fundamental difference in a digital widget that is used to transfer value backed by hard currency from transferring money between accounts by wire. It's like leaving a box on your doorstep by drone instead of truck and saying you're not delivering packages because the mechanism is different.
This sounds to me like they're opening bank accounts and debit payment services by a different name with the added bonus they can devalue your account at will and you have no FICA protection or chargeback mechanism.
Seriously. I don't see the fundamental difference in a digital widget that is used to transfer value backed by hard currency from transferring money between accounts by wire. It's like leaving a box on your doorstep by drone instead of truck and saying you're not delivering packages because the mechanism is different.
This sounds to me like they're opening bank accounts and debit payment services by a different name with the added bonus they can devalue your account at will and you have no FICA protection or chargeback mechanism.