In a coordinated effort, banks are now blocking debit card purchases of cryptocurrency
Banks are deciding how you can spend your (their) money
The latest series of articles show that the demand for cryptocurrencies are being systemically suppressed by banks. The banks originally decided only to block credit card purchases which most people could agree with because credit is loaned money which the purchaser didn't ordinarily have. Credit cards come in high risk and have very high interest. At the same time the blocking of debit card purchases represents something more sinister because this has a larger effect and on more people. Does a bank have the authority to tell you how you can spend your own money? Apparently there is a list of banks which are expressing their authority in this way.
The list includes:
- Capital One (Appears to block credit and debit card purchases)
- Chase (Jamie Dimon is CEO, appears to block payment card purchases)
- Citi (Appears to block credit card purchases)
- Bank of America (Appears to block credit and debit card purchases)
A quote from one of the banks:
"We have decided to not permit use of HDFC Bank credit, debit and prepaid cards towards purchase or trading of bitcoins, cryptocurrencies and virtual currencies, on merchants suspected to be dealing in crypto-currency or online foreign exchange trading or both," the bank said.
Read more at:
https://economictimes.indiatimes.com/articleshow/63290070.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
The simple solution here is do not have your money put into banks which are not friendly to your interests. If you are interested in crypto then have your money sent to a bank which releases authority to you to spend your money however you see fit. If you want you can transfer your money to banks which do let you use credit cards to purchase cryptocurrency.
I can confirm the news about HDFC bank. I bank with HDFC bank in India and I have had a lot of troubles dealing with them especially since I started investing in crypto. A couple of exchanges in India also banked with HDFC bank until last month but not anymore.
Are they doing it to lower price in order to get in themselves?
There are still other ways to buy cryptocurrencies with sovereign currencies , and they are well aware of it.
Even if they will block such transactions completely, people will still be able to sell real goods and services for cryptocurrencies.
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Same as well with one of my US banks..
Scared and blocking all they can ..say they are protecting us....lol
Patience will prevail tho..
Thx for the post!
And the hits just keep on coming. 2018 is off to a rough start and honestly I do not see it getting better any time soon. This reminds me a little of late 2013/early 2014. BTC and LTC went on a bull run...BTC hit $1000 and LTC hit close to $50. In 2014 they both crashed hard. BTC went below $200 and LTC went below $3. They both stayed down there for years. Lets hope this round doesn't take that long...although I do not think it will just because we are so much further along with some solid projects and more people are aware of crypto. Lets see what April brings.
No it doesn't remind me of 2013-2014. In 2013-2014 there was no demand for crypto and people didn't know what it was. Now there is plenty of demand, people know what it is, and other people are trying to suppress demand by claiming it's risky or by creating a risky atmosphere around crypto.
These other people creating the risky atmosphere includes some crypto anarchists who want to try to present the picture that crypto is only for criminal activity and this is also coming from some big shot establishment figures who have opinions on crypto but who never really probably even use it.
The everyman and everywoman this time around wants to buy crypto.
It appears they are much rather sell it, as charts suggest.
I don't think thats ordinary investors.
@dana-edwards all the more reason to get out of The Central Banking System that has enslaved US all of our Lives......................
Check this game out, look close with an open mind with what this new concept is doing with open source Ethereum ERC-20 smart contracts, decentralized exchange and passive income. The game has passed the crypto kitties game on the Dapp Radar. The smart contract is coded to tax 10% of the ETH. when users purchase the (P)roof (O)f (W)eak (H)ands tokens and divides the ETH. tax to people who are already holding and also 10% of when users sell “20% total”. The name of the game is to hold as long as you can while you get earnings from the constantly taxed “Strong hand” buys and the taxed “weak hand” sells. If you don’t want to play anymore, you can pull out all your earnings all at once but with a 10% tax fee that gets divided to the stronger hands. This is what the ERC-20 smart contract is programed to do. Doesn’t hurt to look at the contracts open source code at least, don’t let the opportunity pass you by.
https://powh.io/?masternode=0x32c37e7ca38be1f85cd9e85c81ac9b6730f43e3e
@craig-grant already told me about it.
Well, this will soon change. That's why banks are pushing toward cashless society. Once there is no more cash and you are forced to use the bank, they ultimately win. Then they can impose negative interest rates (in the name to 'encourage' everyone to spend more/faster for the benefit of the economy) basically charging you for giving them money. They also hate savings accounts. With high negative interest rates they will force everyone to spend their money and then, when you will want to buy something, they will happily lend you 'money' for a hefty interest.
So yes, you are correct in their mind it is their money and we are just milking objects.
Do you have recommendations for banks that are strongly committed to the benefit/freedom/privacy of their clients?
I think this is absolutely crazy and denies us the freedom we should have with our assets. I could understand the constraints with using credit cards as it is money we are borrowing, but debit cards is a whole other thing here. This just makes me think about moving all of my savings into crypto so they could never have the ability to restrict where I put my money. Unfortunately, the technology and market is still in its infancy and payment options for every day purchases and bills are still needed to be paid in fiat.
This is so ironical...... My own money I worked hard for...
I rather move the money to another bank, why will they be the one to decide on how, when and what I use. My money for. Money deposited into is meant to be kept for the customer and at any point in time release to the customer on request...they don't have any right to decide on what we use our money for.
The solution you preferred is the best.