The banks in my country almost collapsed because of the crypto trend is growing stronger and becoming popular in Bulgaria. People are withdrawing their deposits in order to buy crypto and the banks are afraid for their liquidity.

I am so frustrated of what is happening and I don't think banks should have the right to cut off bitcoin exchanges. Banks on Bulgaria does not provide adequate interest rates. On deposits the interest rate is so low that is even ridiculous. Under 1% on annual basis which at the end of the day are all token up by the fees.

And all this in compare to loans having interest rates starting from 9% on annual basis. It is not fair and YES people will invest in crypto because they don't want their money to be all eaten up by banks fees and the inflation. And people have the right to do whatever they want with their own money.

Here is some detailed info on what is happening in Bulgaria. As news.bitcoin.com wrote:

Bulgarians have lost all of their bitcoin exchanges overnight thanks to a sudden banking crackdown. In a well-orchestrated operation, Bulgaria’s major banks swung into action and blocked the accounts of multiple cryptocurrency exchanges.

Bulgarian Bankers Battle with Bitcoin
Cryptocurrency exchanges, like their crypto-loving customers, have an achilles heel: a reliance on legacy banking. Moving bitcoin around is easy. Moving fiat currency in and out of an exchange is often much harder – especially when you’ve just had your banking facilities withdrawn.

Cryptobank’s shutdown is a double blow for customers of the exchange, coming in the same week that Cryptobank.bg suspended ethereum trading due to “the Cryptokitties game that blocks transactions and passes quickly to send four times as much gas”. For Bulgarians seeking to stock up on cryptocurrency, Localbitcoins.com displays a limited number of sellers based in Sofia and Plovdiv, and there is still access to exchanges in neighboring countries via sites such as Bitcoin.de.

Bulgaria is by no means the only country to be affected by banking clampdowns on bitcoin. The stench of fear from the financial world’s old guard is almost palpable, as bitcoin’s inexorable rise heralds the shape of money to come. The Eastern European country’s banks have given cryptocurrency exchanges short shrift, but it’s likely they’ll be more accommodating when their government come to cash out its bitcoin gains. In May, a series of raids by Bulgarian law enforcement resulted in the seizure of over 213,000 BTC. Today, that haul has swollen to be worth $3.5 billion – or 6% of Bulgaria’s GDP.

Full article here: https://news.bitcoin.com/bankers-shut-bulgarias-bitcoin-exchanges/