Banksters are under pressure to prevent purchase of cryptocurrencies via credit and debit cards. Recently top banks in India suspended accounts of cryptocurrency exchanges. Apparently they are now not only custodians of our money but they get to decide how we should spend our hard earned money that we are simply safe-keeping with them. But, as recent news proves, they aren't very good at it!
What comes as a blow to cryptocurrency users not only in India but across America and even UK, many banks have banned use of their debit/credit cards usage towards purchase of Bitcoins and alt-coins.
Citi Bank, communicated to its cardholders and said, "Given concerns, both globally and locally including from the Reserve Bank of India, cautioning members of the public regarding the potential economic, financial, operational, legal, customer protection and security related risks associated in dealing with bitcoins, cryptocurrencies and virtual currencies, Citi India has decided to not permit usage of its credit and debit cards towards purchase or trading of such bitcoins, cryptocurrencies and virtual currencies." - BT
It's not only CITI Bank, In fact Bank of America has banned its customers from using its debit and credit cards. Merrill Lynch BOA's brokerage arm has banned its financial advisors from trading in Bitcoin.
The first bank in UK-Lloyds Banking Group has banned its credit card holders from using their cards to purchase crypto-tokens. Infact Halifax, Bank of Scotland and MBNA have taken the same route.
Discover Bank CEO has stated that cryptocurrencies are used by criminals to hide illicit funds and have hence banned purchases on any exchange with their credit cards.
The last one is Capital Bank. They've followed the same route as the aforementioned banks. Last month, top Indian banks such as State Bank of India, ICICI Bank, Axis Bank, Yes Bank and HDFC Bank suspended accounts of all major Bitcoin exchanges based out of India.
These moves come after the Indian government made it clear that cryptocurrencies are not legal tender. However, there is no issue in trading them on exchanges. Purchases via credit and debit cards aren't allowed by most banks.
In light of these moves, do you feel that banks are going overboard with their security concerns instead of allowing their customers to spend their money as desired. There is a risk of debt and exposure to non-payment of credit. But, at the very least, banks could have allowed purchase of cryptocurrencies via debit cards-atleast in the US and UK markets.
Banksters are fraudsters say a lot of people invested in virtual currencies. However, the fact is that FIAT money cannot be replaced by any cryptocurrency anytime soon. That leaves the common man at the mercy of these large centralised financial institutions.
These financial institutions are holding our money and controlling our decisions. They are likely to tighten their stance on spending related to cryptocurrencies. Maybe we are likely to see further bans as we continue through 2018.
What do you think will happen next? How far do you think these Banksters will go to prevent us from buying/selling cryptocurrencies.
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Well well. I feel like the bank has a job to do and maybe they feel convenient doing it without the crypto craze. But I want to see how long they can stand on their policy especially if they stand apart from the rest
CitiBank, one of the most biggest bank in the world is banning crypto, how sad life is?
Think the bank will bankruptcy for that make this decision to make profit, but nowadays they will be looser for ignoring cryptos
I can understand banks stopping purchases of crypto via credit cards as these are effectively a loan. In the uk the card issuer is also responsible to a degree for the delivery of what you bought. However, there is no reason why they should stop debit card purchases as this is policing your spending. Having said that, all banks donit. Try withdrawing £20k in cash and you will be asked a series of questions on what you want it for etc and possibly refused!
Reason is that banks will eventually lose customers as people adopt cryptocurrencies. They can't allow that. They are fighting for their survival
Well imagine if you ran up you credit then decided that you didn't want to pay it. You could potentially just obfuscate your transactions or convert into a privacy coin then claim trading losses when you declare bankruptcy.
The banks are also protecting themselves from a credit bubble whereby people begin defaulting on credit cards used to rack up crypto purchases. Left with little to no other options people will resort to taking out cash advances on their credit lines instead- which are given at a much higher APR than regular charges.
Protects banks and lines their pockets with even more cash.
you are paying for a mortgage with a signature because you never take a loan out, or receive any money, also they are creating loans that cannot be repaid unless traded with abroad, from imports and exports and exchanges on a currency exchange therefore, if you take out a loan and trade it in a different currency, and trade goods and services for these currencies, you have more chance of paying it back as a result of that trade, because 1 you've printed more of their scam money and made the currency weaker and the is a limited supply of the currency you bought making that currency stronger as long as you trade goods and services with it, or use steemit, to get up votes. so what you are technically saying is a lie. the banks are really just suppressing your chance of paying back their fraud, and as their fraud is based off a lie and deception, it's not worth paying them back anyway, as you don't need to, because the collateral, is a birth certificate and a corporate fictional entity they make you claim in a deception. you live a lie under their system. a big delusion run by the pope of rome because it's illegal to use a legal name, and they have infinite money and they set up fake bank accounts in your corporate fictional name, that you call yours, you live a lie and make everyone else believe one. banks offer men and women loans they cannot pay back, due to the fact they do not export abroad for most of the loans gained, therefore not everyone could pay it back, but in a global pool of funds like cryptocurrency they have way more chance. your argument is not only wrong it's also A grade stupid, as in a F in life studies. they are trying to suppress people because the truth is they would be more likely to pay back the loan, than if they bought a holiday and wasted it.
It seems like they should at least let the debit transactions go through.
lol..apart from you trade debt when you are trading fiat and when they create the loan, your signature is worth money, therefore it's all based off a promissory notes system, you trade debt not money therefore, when the bank gets back this debt they are suppose to exile the debt out of existence, to make the currency stronger instead they are just being fraudulent. therefore they are not protecting you, they are making the currency weaker till the currency will collapse, they are just limiting accounts so you cannot pay back the money in the first place, to suppress your potential for prosperity because they want you playing the rigged game they have created. money does not exist, all that exist is debt slavery.
Excellent point.
It's a right decision by authority.
Banning credit card crypto purchases? Fine, I can deal with that. Maybe the people who are buying crypto on credit are not making the best decision. But not allowing to use their debit cards for crypto? Well f%k you banks. You are not going to tell me what to do with my own money.
This is why we need crypto.
Yes, the credit card ban is somewhat understandable however a debit visa ban is outrageous and definitely makes one conspire that the banks have another agenda other than trying to save its borrowing clients from poor investing.
** yeah ok great, just do a wire transfer on they azz lol**
Banks who are banned crypto will not stop it :)
This way they make it more popular.
One day, getting crypto will be easier than chatting on messenger and those banks will ban themselves for the new financial system (Cryptosystem).
Thank you for sharing these info with us, really appreciate that :D
they are playing a very smart game. By crippling the supply of crypto to the common man and making it illegal, they are slowly restructuring the mindset of the citizens towards crypto. They are slowly weakening the trust people have in crypto, which is something that was really shaky for many right from the start.
I strongly believe that, for crypto to survive this flow attack, it needs to, at some point, to an extent, collaborate with the banks.
Before you throw stones at me, rethink that statement.
I think we can all agree that since its inception, and from the very concept of crypto, it facilitates criminal activîies (at least the few ones amongst us that are logically objective enough to see what's happening.)
The banking system might not have been the best thing to happen to humanity, but so far, having a central authority has always proved an efficient way to check and curb illicit activities.
A flock of sheep left to wander on their own will always go hay wire, but with a shepherd, no matter how wicked, a level of orderliness is seen.
The banks telling us how to spend our money is not really a very good move(at least, in our own perception), but in their own perception, they are trying to protect the sanity of the system.
Crypto is like that flock of sheep left by themselves. Like it or not, for things to work with us animals, there are to be an authority. Imagine your country without a leader and tell me how much progress you guys will make.
I think crypto has matured to the stage where it should have a central authority or should be able to come to terms with the existing authorities to bring ways to regulate this thing.
if not, we might keep having this wars more intensely, of which crypto might loose.
Friend you need to go and study the history of the banking system and what fractional reserve banking is and then your view will completely change. The current banking system is nothing more than a ponzi scheme, they literally create money out of debt and inflation is no more than a hidden tax that devalues the currency. Crypto will do away with inflation and banks will no longer be able to practice fractional reserve and that's the real reason behind the current backlash from global banks. Its absolutely nothing to do with crime at all.
I think you overestimate yourself too much and think you can spit out some fancy words and be "logical".
cryptocurrencies like Monero make value exchange completely anonymous. While this is a very good thing in itself because it gives us complete control of our privacy, it also plays the same on the other side.
Credit cards and high fund movements was one way to track fishy transactions in the past(although at some point, the banks overstep their imposition).
With cryptos, these transactions become seemingly seamless; Activities on the dark web has increased tremendously. If a terrorist group shaking the world were receiving funding smoothly and anonymously, I don't think there'll be a way to track and mitigate their actions nor will there be a way to ascertain their sponsors (or at least, this would be harder to do)
Again, this boils down to how objective you are in your thinking. I guess you should re-access your stand on my claim being "overestimated"
@firepower
Technology will always win over legislation.
For the first time in hundreds of years cryptocurrencies enable two people to exchange valued goods and services for currency without any intermediary. Is this a good thing? Yes, unless you are in the banking business.
Why is it good? Because cutting out the multiple middle-men in financial transactions will leave money in your pocket. No intermediary equals fee-free transactions. No wonder digital currency has the banking fraternity worried.
Banks originally came about to solve the problem of distrust among parties involved in financial
transactions. However since that time (the 15th century), banks have grown in power to such a great
extent that the fortunes of national economies rest upon them and those who manage them. The
financial crisis of 2008 showed us just how vulnerable a situation this places our financial system.
Digital currencies solve the problem of distrust between transacting parties and the vulnerabilities of centralized finance. The blockchains (public ledgers) upon which digital currencies are based have no
insider control, which means they cannot be manipulated. The ledgers are fragmented across thousands of computers, all of which verify every transaction, so hacking is all but impossible. All transactional data is at the same time public, while ensuring privacy since no personal information is required to complete transactions, unlike those made with credit cards or other centralized processes.
Cryptocurrencies are unstoppable and Im glad to be part of the winning team in Africa
If they’re banning their users from buying anything that could be bad with a loan/credit card, alcohol, gambling, cigarettes, etc. then fine ban crypto too. If they just focus on crypto and won’t even let customers use their own money to buy it then we’ve got a problem. If I used any of these banks/cards I’d definitely be closing my account.
It makes complete sense. Cryptocurrencies are highly volatile and using credit to purchase something risky is not advisable. Though not imposed strictly in India but most countries have regulations preventing the use of credit cards for purchasing stocks. Why then should crypto be any different?
I think there is much more to come our way.
Atleast banks have ripple now with them to fight us on this level playing field of blockchain tech. else the reactions we are facing today from banks banning crypto purchase would have been much worse. With ripple i have hope that banks/governments are atleast trying to fight justly and not killing the competition altogether buy banning it countrywide.
Also we need banks right now to invest fiat and take withdrawals too for crypto to grow.
Example: what do you think will happen if US/Chinese government actually bans all the crypto related transactions in fiat and orders all the exhanges to stop completely ? The END right!
The Bank now are in danger because of the rising of cryptocurrency. Just embrace it, we are already in the world of crypto...
great post dear... @
firepower...
Now they are banned but it is not permanent.Because the whole world is going to crypto uses.So today or tomorrow they much open crypto
Absolutely true.. banks are going so overboard with their security concerns. The people have worked hard for their money, what gives them the ethical right to not allow these people who are their long term customers not to spend their money as desired. And now going beyond to the US and UK markets.. This proves they are panicking, and tney are not thinking straight with these decisions.
Informative
That's just it
I'm not expecting anything less since they've been obsessed about the growth of crypto
They'll probably stop when they see profit in cryptocurrencies. Then, they'll start trying to control that.
Growth of cryptocurrencies will only frighten them. Why they are needed when all people start using crypto ?
True, but recently there's been some news that the government (or some company?) is coming up with its own crypto-currency called 'Laxmi coin'. So maybe, they can still exercise some control over crypto-currency?
Governments may issue some cryptocurrencies which are unlikely to be decentralised like most common cryptocurrencies now. Those will be centralised. It destroys the original philosophy behind bitcoin. We should discourage such movements. But they can never control truely decentralised cryptocurrencies, because it's decentralised by design. No one can stop it anytime.
Yeah that's the problem with their crypto-currency. It's almost still the same as fiat.
@firepower Chalo koi to india ka aage hai yaha @firepower kuch log meri post @dan ne resteem ki thi tabse dusman bane huwe hai wo post bhi delete krwa di or mere sare post delete krte h wo log roz 15acount se ate he downvote krke chale jate hai source link sab deta hu fir bhi bhala iska koi solution kaha report karu?
The whole world very supportive about cryptocurrency and Blockchain, only Banks oppose them.
Am new in steem our crypto community so am not good to understand this news shortly say its good our bad for crypto ?
This is a bad decision for them in the long term. Crypto adoption and take over cannot be stopped, things like this will make them lose customers.
You will see how in a few months they will take back and regret decisions like these ones.
Banks are scared i work in retail and its been affected by ecommerce alot i know how the banks feel but this is not the right way to go by .
Useful legit cryptocurrency will win this battle with real life usage .
They are just Making things worst for themselves. Banks are fraud.
I don't think they'll last
This is crazy! Why are they being so opionated and never objective? Really crazy.
Don't take panic.If now people are mostly using crypto then bank face a dark situation.But i hope next era will be crypto ere.
Upvote and resteeem done
This news already pissed me off once and I cannot let it piss me off again. But what I actually think is they're going to change that mindset of theirs. One bank did it and every other bank followed and that's not going to get them anywhere.
They will see as there is more and more change and global adoption with cryptocurrencies, there is NO WAY that they won't regret the decision they've made, because that would have added onto them either making more or less.
The point with Indians and the banksters is Indians are opportunists and can lose money as quick as they gain it but the banksters can't have the risk of losing OUR HARD EARNED MONEY.
@firepower if I withdraw 20lak from zebpay does it make me any problem ?
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If such banks had nothing to worry about, they would do be doing nothing about it. They're naturally taking steps to survive (if possible). May the best competitor win!
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The banks are running scared. Cryptos will overtake them in the not-so-distant future, and they are pulling out all the stops to see that this does not happen. But it will happen. It's already happening. There's no unringing the bell, ya can't put the toothpaste back in the tube, people are wising up and becoming empowered through cryptocurrencies.
Lovely post sir Your post really inspire me on crypto
Banker put all the restriction only on common man, and pretend that they hv achieve something, however the case other big players make fun of bank rules and regulation , and fly away once done. Similar thing must b happening crypto currency, u never get to know if they actually putting any restriction on big players.
Let them ban it all. They're just excluding themselves from all the fun.
I think they would/will resort to EMP and nuclear attacks...I think they will do anything!
This is a "hate crime" (south park). There hypocrites.
banks and govs will try to destroy bitcoin and cryptocurrencies!! but Crypto will win this fight and gonna replace fiat in the next 5 years.. crypto will do the same to fiat as email to postal services.
The banks are terrified of cryptocurrency because if crypto is fully implimented they won't be able to use their frational reserve banking system anymore and that's exactly how they control most of the world. The current financial system just bleeds us dry with only the banks and the super rich really benefiting. The sad truth is most people don't have a clue how this system is nothing less than slavery.
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I really think with the advent of these banning, we would experience a more different approach to solving this issue. This will make a lot of room for innovations that are probably very sound than our financial institutions. I believe the peer to peer transactions will override many of this decision and will attract more people to get their crypto in such way.
I don't like banksters.
But this move is completely logical. And dare I say REASONABLE and PRAGMATIC.
The terms of purchase that credit card companies have been forced to adopt by REGULATORS leave them vulnerable to charge-backs if crypto had a huge collapse and many buyers on credit cards claimed they had been defrauded.
If you can only purchase crytpos on credit, you probably shouldn't be purchasing crytpo.
But if you really insist on that stupid move, go take a cash advance from credit card and use the cash to buy cryptos.
Banning credit cards is totally acceptable. It is the banks money you are spending and if they worry that they don’t get it back then they won’t let you do this. Banning debit cards on the other hand is unacceptable because it is your own money and the Bank has no reason to block this.
The solution to these problems would be peer to peer exchanges where you trade directly with the other person that holds the Cryptocurrency. Banks can’t interfere in these transactions.
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I think it's funny how they want you to go into deep major debt buying anything and everything, but you can't buy cryptocurrency! The banks are in fear of being cut out, and rightfully so with how much money they have stolen from the consumer over the years! It's high time to get these banksters out of our government, and elect new individuals in office that are truly for the people! It's old dinosaurs like Warren, and Buffett, that we have to replace! Great post!
That's terrible! I don't know what to say about it, it's greatly troubling news.
Those banks may have their own policy but I guess one day those banks will approve cryto currency and people already loving it and crazy about it.