discussion Why Banks Keep Blocking Cryptocurrency-Related Transactions

[VijithaVarghese 1994]

I think it's because they fear the cryptocurrency market being established to a point where the people would actually be using it and the money in reserve will be effected. These would effect the existence of the bank .

[Barbarellah 2225]

Traditional fiat money based systems will never publicly acknowledge that for centuries they have benefited on unimaginable scales from their clients' money, and the reason for being against the new system that is just emerging is not because it is a harmful system but simply because it is a totally decentralized system and it is a detail that does not benefit them. They are against it because they fear losing the control that they have had until now. The question would be why are they against a system that according to them does not work and it has been proven that many of the owners of large banking companies have most of their reserves in Bitcoin?

[Amiami 1362]

Since its inception, society has always shown a certain distrust or contradiction towards innovation, although they always end up adopting it, so that attempt by some banking institutions to reject or detract from cryptocurrencies from my point of view is based on the fact that they simply do not want to accept the reality and the fact that the traditional banking system is totally obsolete, that is why they defend their ideals to the end.

[Razan alikac 1899]

Central banks are trying to block Bitcoin transactions in order to ensure the security of the financial and banking system
 And cryptocurrencies exist
  For more than a decade, however, there is still a long way to go to reach the same level of regulation as traditional financial markets.  Many countries are still unsure of how and how to use cryptocurrencies, but they hope that over the years, there will be a stronger regulatory infrastructure for digital assets globally.

[Jromz 2158]

Well it's clear that cryptocurrencies are against the interest of banks and they would prefer to keep the control of people's finances, rather than people taking over their own finances thanks to cryptocurrencies. Yet, if banks are to survive this whole financial revolution they should "join the enemy" sooner rather than later. 

[Teminali69 1081]

Not all banks and not for long, soon these remaining banks would follow other banks which finally realized they can not fight crypto instead they should find a way to seize it the opportunities it presents.

[Braulio Eurea 720]

In general, the bank operates in the traditional medium of money, that is, it is a bank to handle transactions of fiat money or physical money that is issued by the central banks of the countries. The bank does not carry out operations with cryptocurrencies, its line of action is that of physical money. Perhaps when a little more progress is made so that the cryptocurrencies have acceptance with the bank, this allows transactions with cryptocurrencies, but this requires that there be a negotiation between the parties, that is, an agreement must be reached for this to happen.

[Goyaa 2414]

As an existing financial institution, the bank has no competitors. But now that times have changed, there are many other financial systems that are more efficient and more profitable for users. For this reason banks consider crypto as their competitor so any transactions regarding crypto will be blocked. Right now, we as consumers want another, more profitable alternative to fiat, namely cryptocurrency.

[Dark_Sky 8489]

I think it because they did not accept cryptocurrency in fact that this is a digital money and possibly that they are afraid that cryptocurrency will replace fiat money. 

[mahdititus16 216]

the banks keep blocking cryptocurrency related transactions because many probleme i can tell you about it 

Simply they are two opposing systems  and thier goals are completely different .Banks are insitutions governed by governments and economic  trends that intervene and control them banks aim to control financial movements and spending but cryptocurrencies aiming to financial freedom

so i hope i answer to your question and i hope the better for us .

[Froshk 1828]

I see no reason why one should use bank to transact cryptocurrencies businesses, we have got exchanges and wallets that can either be used to buy or sell cryptos using a fiat currency. 

[Zeshan Khalid 2577]

Banks have to work according to the rules of the country and they cannot take risk of any transaction that is not backed by government that's why they reject cryptocurrency transactions.

[Khan 1414]

On 10/25/2020 at 1:13 AM, Shaza Ahmad said:

Politics and money, wherever you go in this world, you find them accompanying. Politics is governing that is set in order to obtain money and money is spent with the aim of directing policy, an interlocking relationship, so when politicians and legislators see that the interest from cryptocurrencies is more than the power of banks, the regulations and legislation will change.

Banks are not in favor of the crypto currency to make it legal but on the other hand they are buying it and making a Millions of investment, so when it become legal then they can sell it at high price.

[Shaza Ahmad 1682]

On 12/26/2020 at 12:32 AM, Khan said:

Banks are not in favor of the crypto currency to make it legal but on the other hand they are buying it and making a Millions of investment, so when it become legal then they can sell it at high price.

What brings them a lot of money they turn towards, regardless of whether it is against them or with them, banks work to bring in money and when you see investing in cryptocurrencies profitable they will not leave it so I agree with you.

[cryptovlek 2597]

On 7/14/2020 at 6:06 AM, kyoukage01 said:

If anonymity is an issue, there is already KYC, and I am getting the feeling that the crypto community as a whole, over the years, concede that KYC can be accepted as a compromise for preventing and apprehending crime-related transactions.

This is where the crypto world is being pushed into. All regulations have this as central, to have KYC, to know which wallet belongs to each of us and have every transaction connected to a name. Exchanges won't be allowed to accept any other transaction and it is already enforced in many as they reject incoming transactions from mixers or blacklisted wallets.

[zhoutong 2188]

There are some patterns many are not observing as they only care for price and profits. These patterns coming from banks and custodial investment services all give us the possible direction of regulations that will be a very strict environment for crypto innovation that will not allow too much to be done anonymous and will require every action to be completely tracked. I have privacy issues and won't be following this path but this is probably how almost all of the cryptocurrencies transactions will be done in the future and all the rest could be banned.

[Serbberq 724]

Banks have  not accept cryptocurrency because they are decentralized coins and can't be regulated by any sector and cryptocurrency transactions through banks is weaking the system of bank transactions. 

[Ameralsamt 2558]

Yes, my friend, simply because cryptocurrencies will soon replace old market currencies, and this leads to the closure of banks and exchange companies, so cryptocurrencies are exposed to a global war and international rejection. 

[kyoukage01 3181]

18 hours ago, cryptovlek said:

This is where the crypto world is being pushed into. All regulations have this as central, to have KYC, to know which wallet belongs to each of us and have every transaction connected to a name. Exchanges won't be allowed to accept any other transaction and it is already enforced in many as they reject incoming transactions from mixers or blacklisted wallets.

And most crypto users nowadays concur that this KYC is a fair compromise to make cryptocurrencies more acceptable to conventional markets.

 

But what will happen if the old financial institutions asked for more control? The way I see it, they've been doing it a bit of a time, and each small compromise accepted by crypto users is a considered a big win for them. I won't be surprised if one day there are lots more concessions set up beside KYC to make banks allow crypto-related transactions.

 

Edited December 28, 2020 by kyoukage01

[MoralStories 1127]

the banking is a complete payment system and they are earning a lot of money out of our investments and keeping our money at their banks so if we use cryptocurrancy instead of banks it would be a loss for the banks that is why they are keep blocking the payments on cryptocurrency

[khan22 3478]

Banks block the crypto currency becasue the peoples will use it and they are not use the banks and also they not submit the fee for the transactions in the bank. Because in just a low fee and also in a short time peoples will send or receive the money with low.

[The Game 2059]

Let all be clear about these, we all know that crypto currency is a decentralized currency that operate anonymously without been trace and in the issue of banks why they are rejecting it is that the banks are been control by the government and since these same government refuse to adopt crypto currency the bank have no options rather than obey the laws of the government, which is why we are experiencing such from the banks.

[abohasnn9 2401]

My friend, most countries are afraid about anything but the centralization that characterizes currencies, so all banks in the countries did not deal in cryptocurrencies or create special wallets for currencies inside banks or approve dealing with them, but India has started implementing its own project on cryptocurrencies and China also has allowed dealing within banks and there are some countries as well.  Thanks

[Sykkuno 2887]

We can skip the banks and all the kyc exchanges using one of the non kyc p2p exchanges that exist and lately many have been added. There are cryptocurrency users that never done any kyc and we don't need either.

Kyc is the easiest way for scammers to find the personal identity of someone, Ledger leak of private details means everyone in this list is in real danger as phone numbers and even addresses have been leaked, imagine how many times our privacy has been breached because we trusted a private company with kyc and who holds this personal information now.

[bogdanoff 3173]

This is becoming obviously lately what the banks and governments want for crypto. To have knowledge on all wallets and transactions and everything to be connected to a system of surveilance. If this system becomes regulation then cryptocurrencies will be less of what they are today but also the market will be worse and many will lose interest. The next step will be increased taxation so it will put an end to investment fever in cryptocurrencies.