Today, the Bank Of America (BOA) made an announcement that shocked all the cryptocurrencies fans – Bank Of America will ban crypto purchases!
The reason why the Bank Of America banned Crypto purchases
BOA’s representatives argued that the cryptocurrencies transactions (purchases) are not safe for people using the Bank’s credit cards and could also lead to fraud.
Good thinking, BOA!
The most harmful elements for your clients are the cryptocurrencies. Yeah… Sure!
But have you asked them if they are, maybe, up for taking the risks? It’s their money on those credit cards after all.
Isn’t your decision, actually, similar to an Authoritarian decision? One central power decides in the name of its people and these must obey!
Isn’t this somehow an anti-democratic action as it is cutting off one of your clients’ right?
Just the beginning, some say…
This decision is just the start of the Banks’ struggle to destroy the crypto coins, according to some people.
And that makes a lot of sense since the cryptocurrencies have one big characteristic that’s loved by their users but hated by the Governments and Banks – the anonymity of the transactions.
Even more, the crypto coins are not under the control of any government or bank and that is simply pissing them off.
The South Korean government began with their new crypto exchanges regulations legislation, then the Indian government showed a similar approach (which will most probably be implemented eventually), the IRS in the US is struggling to make money from taxes from those who have earned from digital assets transactions, and now the Bank Of America banned cryptocurrencies purchases made with the credit cards they issued.
Not to mention that, in the future, the Russians will have the first government-owned cryptocurrency.
All these, unfortunately, lead to one direction: the move of the cryptos to the underground, where they will remain decentralized!