These Banks Have Banned Cryptocurrency Purchase Through Debit & Credit Cards!
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
Can't we just all get along!
the only good thing in this world and people wanna kill it
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"