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.