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.
