Major Canadian Banks Silently Block Non-Credit(Debit) Card Bitcoin/Crypto Purchasing

Without notifying their customers and in a mostly silent but malevolent fashion, major Canadian banks have been slowly but surely blocking their customers from transmitting their own cash into bitcoin exchanges. Since the start of the year, customers have seen banks such as BMO and TD not only prevent credit card purchases, but also block any interact online transmissions to bitcoin exchanges such as QuadrigaCX.

Bank of Montreal in March 2018:
"BMO blocks cryptocurrency purchases on its credit, debit cards"
https://www.bnnbloomberg.ca/bmo-blocks-cryptocurrency-purchases-on-its-credit-debit-cards-1.1028181

TD in May 2018:
No statement, customer reported.

RBC in May 2018:
No statement, customer reported.

Scotia Bank (Status unknown)

Did we think the banks would be friendly to this space? The fat cats are comfortable with the current system and any disruption would likely be met with some form of adversarial action. What is surprising is the more silent and gradual coordinated approach being taken by all the banks. Instead of clear public statements justifying their accounts, they are silently turning off the taps.

Banning credit cards may have merit with charge back risks at play, but all other channels such as interact online is a form of capital control that only justifies the entire cryptocurrency movement to begin with. Banks do have a fiduciary duty to their customers for certain. They will say they are protecting their uneducated or unintelligent customers from the undue risks of capital loss that could lead to a contagion effect through the banking ecosystem. But since when did the banks gain the authority to determine how their customers are allowed to spend or invest their own money when no direct risk is present and when no law exists to date preventing citizens from engaging in the cryptocurrency investment space?

Considering the pattern in recent months in Canada, it is likely that other countries may be experience the same sort of silent capital control mechanisms that likely had further impacted the recent downfall in prices with inevitable slowdown of buying pressure due to lack of access. Investors will likely continue to circumvent the situation through platforms such as https://localbitcoins.com/ where they can exchange peer to peer. Nonetheless, believers of this space will need to unite and organize to establish a loud enough voice to raise awareness of the unjustified activities clearly coordinated by all the major banks in an effort to hurt the cryptocurrency market. Don' expect the fat cat to roll over so easily.