Tonight I'm frustrated. My favourite place to buy bitcoin in New Zealand has had yet another bank pull their services.
This follows another of my favourite places to buy Bitcoin experience 'trouble' with the banks:
It is now almost impossible to purchase bitcoin or other cypto-currencies in NZ dollars. What is the NZ Government worried about? Do they really think that all people purchasing crypto are money launderers? There are only 4 main banks in New Zealand and they have FAR to much power. For a population of only 4.5 million, New Zealand's largest bank (ASB) manages to clear a Billion dollars profit a year. It it obvious why they do not want competition....
Take for example NZ's first bitcoin ATM which shut down after a few months after failing to get support
We drastically need a solution to help break the power these banks. Unfortunately, the NZ Government has double standards as exposed by the Panama Papers . While it is quite comfortable with supporting a whole industry of trusts for wealthy foreigners who use New Zealand's limited disclosure rules to stay anonymous, it is unhappy to support local money remitters due to fears they may be involved in money laundering. Read the Reserve Bank statement here
We need a Government that stands up to the local 'QUADopoly' of banks profiting from NZ citizens to provide them with clear and viable options for money remittance and investment.
There...now I feel better :)