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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