US mortgage loan UWM no longer accepts Bitcoin payments
US mortgage loan UWM no longer accepts Bitcoin payments
United Wholesale Mortgage (UWM) - a leading mortgage provider in the USA - has decided to no longer allow its customers to handle payments in cryptocurrencies, and the reason gives the "regulatory uncertainty" in the industry.
change of heart
In August the Michigan -based wholesale loan - United Wholesale Mortgage - that customers were able to pay for housing loans in bitcoin and thus the first big one The US mortgage loan was that introduced digital assets as a payment method. Later also Ethereum and Dogecoin were added as options.
"We are proud to be the first mortgage loan to successfully test this technology and continue to show that we are innovative in the long term," said Mat Ishbia - President and CEO of UWM - Back then.
according to a cnbc Test report , UWM has set its cryptocurrency offer after only two months. Ishbia announced that customer demand was not at the required level during this period, since there was only a mortgage repayment in September and five more in October that were handled in Krypto:
"At the end of the day there was not enough demand to really cross the limits."
The lack of a regulatory framework for cryptocurrencies is another reason why the company no longer accepts it as a means of payment.
"Due to the current combination of incremental costs and regulatory uncertainty in the crypto area, we have come to the conclusion that we are currently not going beyond the pilot project," said Ishbia.
Then the manager assured that his company would pursue developments in the field of digital assets. If crypto "becomes more mainstream", UWM could again offer such a payment method because they "know how to do it now," he concluded.
Is crypto legislation so urgent?
While many experts asked the US finance supervisory authorities to introduce regulations for the Digital Asset Industry, some believed that the situation should remain as it is.
This is, for example, the opinion of Elon Musk. Last month, Teslas CEO The American government, American government, Not to regulate cryptocurrencies, otherwise the authorities could hinder their development. He went on and said that it was the best scenario not to do anything:
"I would say nothing. I would even say, just let it fly."
While the crypto community is waiting for further regulatory developments from various wax dogs, US officials have delivered encouraging messages. Fed boss Jerome Powell and SEC boss Gary Gensler recently calms that the country does not intend to prohibit digital assets, but only to regulate it.
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