BREAKING: Big Banks & Crypto in Canadastan Update: TD Bank Halts Letting Customers Use Credit Cards to Buy Cryptocurrency.
What I really think is going on, is that the Central Bank of Canadastan is seeing a little too much Liberty on the doorsteps for the people paying the freight.
And they don't like it!
The Revolution will not be televised.
I have said a thousand times, I am a proud dues paying member of the COMER.org group -- basically it is the Canadian version of
End the Fed.
Toronto-Dominion Bank is stopping the use of credit cards to buy crypto as they conduct a review of the "evolving market."
This recent decision follows moves by several banks in the U.S. also stopping allowing credit card purchases of Bitcoin and various cryptocurrencies.
"At TD, we regularly evaluate our policies and security measures, in order to serve and protect our customers, as well as the bank," a TD spokesperson said in an emailed statement Friday.
The value of Bitcoin just plain took off to heights not considered by many last year, trading for far more than C$20,000 per Bitcoin. It reached the $20k US mark, in fact.
Jan. 7th 2018as you can see here, around 6:45 UTC was the Market ATH for total Crypto numbers with $830B total market cap:
I hovered over the high point there for you in that graphic above.
Since that high around the , the value of the cryptocurrency has come off its all-time highs and trades for around $9k CAD to C$13,000, but remains up significantly from where it was a year ago.
Royal Bank said Friday it does allow its credit and debit cards to be used for transactions involving cryptocurrency in limited circumstances. However, the lender also cautioned clients about the possibility of a sudden drop in the value of cryptocurrencies which
... "could expose them to substantially higher debt levels than they are able to repay."
"We do recognize that regulatory, risk and other external environmental factors relating to cryptocurrency continues to evolve," an RBC spokesperson said in an emailed statement. "As such, we continue to review our policies to consider how we can best support clients."
The Bank of Nova Scotia is also looking closely at its cryptocurrency transaction policy.
"We understand that regulatory and risk factors related to cryptocurrency continue to evolve and as a result, we are closely reviewing our policies with respect to cryptocurrency transactions," a Scotiabank spokesperson said in an emailed statement.
The Canadian Imperial Bank of Commerce and the Bank of Montreal did not respond to requests for comment.
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Please note -- I will have limited internet access for awhile -- so PLEASE do not be upset that I cannot reply right away, or to everyone. I am dealing with some changes, and will have limited time online and will be happy if I get a few blog posts up a week.
This has really upset some people but I do not force my opinions on others, or need to communicate every detail of my life or issues, most people do not care anyways. I invested around 10 hours or more a day on Steemit most of my first 13 mths here, I just do not have that time in my life right now, and that includes for replies and voting/curation.
I have done my best, sorry if you do not understand like some are clearly having a problem with. It's a blogging platform, and I will do my best at everything, and to keep blogging.
Carry On.
What I really think is going on, is that the Central Bank of Canadastan is seeing a little too much Liberty on the doorsteps for the people paying the freight.
And they don't like it!
The Revolution will not be televised.
I have said a thousand times, I am a proud dues paying member of the COMER.org group -- basically it is the Canadian version of
End the Fed.
Toronto-Dominion Bank is stopping the use of credit cards to buy crypto as they conduct a review of the "evolving market."
This recent decision follows moves by several banks in the U.S. also stopping allowing credit card purchases of Bitcoin and various cryptocurrencies.
"At TD, we regularly evaluate our policies and security measures, in order to serve and protect our customers, as well as the bank," a TD spokesperson said in an emailed statement Friday.
The value of Bitcoin just plain took off to heights not considered by many last year, trading for far more than C$20,000 per Bitcoin. It reached the $20k US mark, in fact.
Jan. 7th 2018as you can see here, around 6:45 UTC was the Market ATH for total Crypto numbers with $830B total market cap:
I hovered over the high point there for you in that graphic above.
Since that high around the , the value of the cryptocurrency has come off its all-time highs and trades for around $9k CAD to C$13,000, but remains up significantly from where it was a year ago.
Royal Bank said Friday it does allow its credit and debit cards to be used for transactions involving cryptocurrency in limited circumstances. However, the lender also cautioned clients about the possibility of a sudden drop in the value of cryptocurrencies which
... "could expose them to substantially higher debt levels than they are able to repay."
"We do recognize that regulatory, risk and other external environmental factors relating to cryptocurrency continues to evolve," an RBC spokesperson said in an emailed statement. "As such, we continue to review our policies to consider how we can best support clients."
The Bank of Nova Scotia is also looking closely at its cryptocurrency transaction policy.
"We understand that regulatory and risk factors related to cryptocurrency continue to evolve and as a result, we are closely reviewing our policies with respect to cryptocurrency transactions," a Scotiabank spokesperson said in an emailed statement.
The Canadian Imperial Bank of Commerce and the Bank of Montreal did not respond to requests for comment.
Thanks for reading, have a nice day.
If you liked this blog post - please Resteem it and share good content with others!
--
Some of my recent blogs:
--
Stock Images in most cases unless noted: via Giphy.com , Funny or Die.com / Pixabay.
Sources usually on image or credited if I cannot find it on an image, but sometimes I forget, sorry if this bothers anyone.
If you feel my posts are undervalued or you want to donate to tip me - I would appreciate it very much.
--
LiteCoin (LTC) - LKdsnvSXk9JW99EiNicFMGKc1FXiBo9tUE
EOS (EOS) - 0xD37bEFf5bf07E3aa432de00cE0AaA8df603A4fB0
Ethereum (ETH) - 0x3Ad69Ff057C9533ca667B2d7E3E557F5eeFd4477
Ethereum Classic (ETC) - 0x5ab2b08d4ce8d454eb9d1ecc65c6d8b0c5f9784c
Bitcoin (BTC) - 18J6RRuzX4V7b2CDbx7tWZYNBLkkGWsvWX
DASH - XgZvsvSZgPkNbmGbRhc3S1Pt2JAc7QHwiS
PIVX - DA3azxQqJiX9t7EviuacpamfNhMi2zGAUh
Stratis (STRAT) - SNsJp6v1jXvKWy4XcXSXfNQ9zhSJJppJgv
ZCash (ZEC) - t1aCPEYELkGaf3GtgGTiCEDo7XfPm4QEwmL
Please note -- I will have limited internet access for awhile -- so PLEASE do not be upset that I cannot reply right away, or to everyone. I am dealing with some changes, and will have limited time online and will be happy if I get a few blog posts up a week.
This has really upset some people but I do not force my opinions on others, or need to communicate every detail of my life or issues, most people do not care anyways. I invested around 10 hours or more a day on Steemit most of my first 13 mths here, I just do not have that time in my life right now, and that includes for replies and voting/curation.
I have done my best, sorry if you do not understand like some are clearly having a problem with. It's a blogging platform, and I will do my best at everything, and to keep blogging.
Carry On.
Cryptos are a disruptive technology and the competition should be scared. They are a few years from being obsolete. And I agree...End the Fed.
Haha Canadastan! That recent article on Bank of America feeling threatened by Crypto is probably shaking up the bankers a lot. Credit card is one thing but if they start freezing debit card purchases it really will be Canadastan... Banks - your days are numbered, we don't need you anymore and we haven't liked you for a long time. .
https://twitter.com/BarryDutton/status/967592960291426304
good post
-- what specifically here did you like???
Holding my breath for a reply.
in this post really like how you provide the right information and good analysis, and you care very much your clients.
I hope you will always provide this kind of information
Bitcoin and other cryptocurrencies are a truly decentralized economy and all regulated economy like banks and credit card companies are horrified with its popularity. For example,
These all examples indicates that major payment gateways like VISA, MasterCard, Discover all are horrified with cryptocurrency popularity and are afraid of losing market capitalization. People are desperate to buy because they see potential in its growth. Some of the earlier investors are the millionaire.
Disclaimer
I am not a financial advisor. This comment is just for information purpose and is not an investment advice. This just indicates my personal choice which may or may not be the best one. You should realize that Cryptocurrency market is very volatile and market fluctuate a lot on daily basis. You may gain 100 fold or lose all your investments. Invest wisely. You should not take a big risk. It is a good suggestion to invest not more than 5–10% of your saving with such an unpredictable market. Otherwise, you may face a big loss.
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=====================================================BMO is still double charging me on coinbase aswell just got double charged for 1000 on my bmo mastercard
Hello jordan1219444 BMO works on coinbase in Canada ?
BMO mastercard yes but they will double charge you and refund you a week or 2 later
Tell me again how free we are.
I am grieved to hear this but I also know I was one of the first people to break that Coinbase stuff last week, they are sketchy man.
I hope this is resolved for everyone ASAP.
They refund me 2 weeks later everytime but its still a piss off im double charged and i still pay the credit card fees twice
I still won't buy cryptos with my credit card, Id very much rather using pages that sell'em an buy via transfer, so much sure and anonymous in a way.
BOOM! crypto entering the mass adoption phase
@barrydutton Same shit happening over here in Spain... it seems that the banksters are getting afraid of the potential disruption cryptos can cause in their ponzi-mafia-business model
INSTEAD OF ADAPTING TO THE NEW SYSTEM THAT MAKES PLACED OBTACULOS THINGS WILL BRING THEM FASTER TO THE RUINA