Banks are used for criminals, will governments ban banks? - page 2.

HajiBagi

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Quote from: _act_ on June 01, 2024, 05:51:39 AM

For government to ban banks, it is like the government wants to ban what they created without no alternatives. They are the ones that created the fiat which banks are using to keep people's money.

If you ask them that why are there dirty fiat? I mean the ones used for criminal activities, especially online. They will tell you that bad actors are still seeing loopholes that they can use to scam people to pay them fiat. But if it is crypto, they will say it is used for criminal activities. The central banks have this stupid mentality.

But most countries are in support of cryptocurrencies. Only few countries ban it.

You really know the government, they always find an excuse to defend themself so that the public won’t know that they are the main criminals, did you know that banks are corrupt than cryptocurrency, they have been using bank for other business is not today and the reason why the government is fighting against cryptocurrency is because the banks didn’t have value Ito people like before, many people don’t keep money in fiat any more and even if they do they will keep it in some online bank like OPay and all these banks that you can register without no stressing to go to the bank and waste your time.

Again I think the major problem why the government wants to ban cryptocurrency is because they don’t see more opportunities to steal people's property and big charges as maintenance fees from people like before, even before the first time I heard that the government was fighting against cryptocurrency I knew that they are doing that just because they don’t want their secrets to expose and also they don’t want the way they use to make money to be blocked, many countries support cryptocurrency and nothing happens to them but some countries just find it hard to understand because of their greed.

Franctoshi

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The bank is government and the government is bank because most of our politicians have these Bank shares in their investment portfolio and are mindful about how they deal with banks, Right from time when Bitcoin wasn't in existence, bank has always been used for money laundering and criminal activities, and the government isn't doing much about it. Why I do think the government isn't taking it easy on Bitcoin and cryptos is that they can't totally control it and are looking for every means to paint Bitcoin bad as if it is the highest means of laundering money.

MissNonFall9

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See, every human being in our world is very vulnerable to power and money. Everyone wants to control everyone and have a lot of wealth under his control. It seems to me in general that when a country approves cryptocurrency or bitcoin it does so because the financial resources are not under their control since cryptocurrency is a blockchain-based system. This is why they do not want to cancel the banking system even though there are many irregularities and illegal activities in the banking system. Moreover there can be many economic conditions within the country that can cause them.

BADecker

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Quote from: AbuBhakar on June 03, 2024, 09:58:50 AM

Quote from: MusaMohamed on June 01, 2024, 04:51:52 AM

The most common reason governments say when they announce to ban or sanction anything in blockchain and cryptocurrency is "It is used for criminals".

The only difference was banks were completely regulated while they can’t fully regulate crypto currency in general since it’s using a permission less blockchain network technology that’s why government can’t regulate it directly. They are only regulating exchange but the crypto itself can’t be controlled.

Banks is helping the government to detect this criminal funds actively through AML policy while crypto doesn’t have this feature since it’s meant for decentralized feature.

So government will never ban something that they have complete control even though it’s being use by criminals.

There is one other difference with banks, besides regulation. Banks in the West actually create new money out of loans. This devalues all the money, but the banks hold the money that they created. So, they win big. Their owners control the world through their cheating finance, but are not necessarily part of the formal governments of the world.

Think about this. $billions in bank loans for Ukraine and other countries means additional $billions for banks. If the bankers handle the new money wisely - so that the system doesn't collapse in on itself - they rule the world through finance.

Cool

AbuBhakar

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Quote from: MusaMohamed on June 01, 2024, 04:51:52 AM

The most common reason governments say when they announce to ban or sanction anything in blockchain and cryptocurrency is "It is used for criminals".

The only difference was banks were completely regulated while they can’t fully regulate crypto currency in general since it’s using a permission less blockchain network technology that’s why government can’t regulate it directly. They are only regulating exchange but the crypto itself can’t be controlled.

Banks is helping the government to detect this criminal funds actively through AML policy while crypto doesn’t have this feature since it’s meant for decentralized feature.

So government will never ban something that they have complete control even though it’s being use by criminals.

moneystery

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Quote from: MusaMohamed on June 01, 2024, 04:51:52 AM

The most common reason governments say when they announce to ban or sanction anything in blockchain and cryptocurrency is "It is used for criminals".

...

why doesn't the government ban banking even though it is often used by criminals for their criminal actions? but when it comes to cryptocurrency, the government immediately bans it on the grounds that criminals are using it? the reason is very simple because banks are products produced by the government, while cryptocurrency is not. banking can be easily regulated and monitored by the government, while cryptocurrency is quite difficult to monitor and manipulate by the government. that's why the government tends to be more pro banking than cryptocurrency, because they don't have the ability to fully control cryptocurrency.

Zanab247

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Can you destroy your personal business that is bringing income to you? No, because that is where your sources of income is coming from and likewise the government, they will never accept that bank are use for criminals, because that is where their income is coming from and some of their officials use all those banks to move money from government account to unknown accounts.

Government control banks in the society, which it will be difficult for government to ban bank that is generating revenue for the government to use to develop some sectors in the society, but if government experienced such criminality from cryptocurrency, it will be banned from the society which we have heard many cases like that from some governments.

If government ban bank for such criminality, it will not take the bank months to lift the ban from the bank because some government officials money is be stocked in the Bank, which it will also affect those that stocked their money in that particular bank.

passwordnow

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Quote from: aoluain on June 03, 2024, 04:24:58 AM

Quote from: passwordnow on June 02, 2024, 03:39:26 PM

Quote from: MusaMohamed on June 01, 2024, 04:51:52 AM

Why governments don't ban banks even banks are used for criminals?

It's because the entire bank has a huge contribution to the economy of a country and that's why governments don't ban them. They ban if the bank accounts are used for illegal purposes, they ban the owner of that account, and also file some cases related to money laundering or any case that they can file to that person. There's a deep connection of bank institutions and the government and they're working together, remember that there are also central banks for each country and that's why, they can't just ban the banks because it also helps to circulate money in the country.

Well if governments banned banks they would have to back or create some other form
of financial institution in order to conduct their business, like paying for public sector
services like Police, healthcare workers, emergency workers, infrastructure maintenance,
Housing development etc.

And that's why it is not going to happen, the government created fiat and the banks. For that reason, it's not going to happen even if the world will go through a crisis. The banks are portraying an important role to the society whether we like it or not. The governments can no longer avail to create a new financial system if they're going to ban the banks. They're one of the backbones of the economies and that's why it's hard to think of it with a society that has no banks. Even if we don't admit it, the significance of their contribution is there.

Quote from: aoluain on June 03, 2024, 04:24:58 AM

Its too easy to say governments should ban banks but its actually not that easy.

That's right and the government won't do it, even if you go to campaign with that and Bitcoin's price goes up to a million or more. The governments cannot do that.

Quote from: aoluain on June 03, 2024, 04:24:58 AM

Please dont suggest Bitcoin, they will want something that they can control in the form of FIAT.

Exactly. They are for centralization while Bitcoin is decentralized in nature and that's why for that reason, if they'll make a new system, it won't come out from Bitcoin but it's a good alternative and they're free to adopt that without having trouble and without causing that much ruckus for most of the people that are using it already as payment or by simply just holding it.

o48o

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Quote from: MusaMohamed on June 01, 2024, 04:51:52 AM

The most common reason governments say when they announce to ban or sanction anything in blockchain and cryptocurrency is "It is used for criminals".

See what banks are used for?
For criminals.
And how much some parent companies of banks had to pay for penalty?

https://violationtracker.goodjobsfirst.org/prog.php?major_industry_sum=financial+services

Quote

Violation Tracker Industry Summary Page

Industry: financial services
Penalty Total since 2000: $388,802,802,308
Number of Records: 7,734

Note: The totals include only those entries matched to a parent company. The industry designation is the primary one for the parent's operations overall. The totals are adjusted to account for the fact that each parent's entries may include both agency records and settlement announcements for the same case; or else a penalty covering multiple locations may be listed in the individual records for each of the facilities. They are also adjusted to reflect cases in which federal and state or local agencies cooperated and issued separate announcements of the outcome. Duplicate or overlapping penalty amounts are marked with an asterisk in the individual records list below.

The total paid $ for penalty is $388.8B, it's not small.

The discussion can start with

Why governments don't ban banks even banks are used for criminals?
Why governments don't ban knife, gun, email producers/ companies because they are used for criminals?

This might be unpopular opinion but that's why there are huge penalties and that's why they keep on tightening regulations for financial insitutions. They need to weed out criminal activity and corruption, and that's not an easy job. It's not something bitcoin would fix either.

If they would ban banks, what would be the alternative? Since they already have the infra, they rather just make it more airtight, more regulated, and more safe. One of these instruments to build it better is cbdc, and o understand why some people see it only as more control. Even though we don't even know how it would work, and most likely it involves some sort of open source ZK tech, because no one would trust if it would be a black box. This is why i really can't judge the idea of cbdc before knowing how it would even work.

Dr.Bitcoin_Strange

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Quote from: MusaMohamed on June 01, 2024, 04:51:52 AM

Why governments don't ban banks even banks are used for criminals?
Why governments don't ban knife, gun, email producers/ companies because they are used for criminals?

The answer is simple: the government thinks they can oversee everything that is going on in the bank, and when there is any laundering crime in the bank, they believe they can easily detect it. They don't realize that it is not all the money crime in the bank that can be detected. But the problem they have with crypto is because they feel it is not transparent enough. The government knows what they are doing, and I strongly believe that even some money laundering cases are being committed by top politicians and some other people who have political connections.

aoluain

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Quote from: passwordnow on June 02, 2024, 03:39:26 PM

Quote from: MusaMohamed on June 01, 2024, 04:51:52 AM

Why governments don't ban banks even banks are used for criminals?

It's because the entire bank has a huge contribution to the economy of a country and that's why governments don't ban them. They ban if the bank accounts are used for illegal purposes, they ban the owner of that account, and also file some cases related to money laundering or any case that they can file to that person. There's a deep connection of bank institutions and the government and they're working together, remember that there are also central banks for each country and that's why, they can't just ban the banks because it also helps to circulate money in the country.

Well if governments banned banks they would have to back or create some other form
of financial institution in order to conduct their business, like paying for public sector
services like Police, healthcare workers, emergency workers, infrastructure maintenance,
Housing development etc.

Its too easy to say governments should ban banks but its actually not that easy.

Please dont suggest Bitcoin, they will want something that they can control in the form of FIAT.

Frankolala

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Quote from: GeorgeJohn on June 01, 2024, 05:20:00 AM

Quote from: MusaMohamed on June 01, 2024, 04:51:52 AM

See what banks are used for?
For criminals.
And how much some parent companies of banks had to pay for penalty?.

The is alot of irregularities or illegal act's going on in banking system but governments can not concentrate to figure out those irregularities in banking system, but I don't know while governments refused to fight banks while illegal things is going on there.

We have banks to help government keep and circulate their fiat currency, and so why do you think that they will go against their own. The government owns the bank, and they want people to gain trust on banks so they cover the illegal activities that is going on in banks.

The government don't like bitcoin because it is not from them, and the decentralized nature of bitcoin is a big headache to the government, since they cannot control it. This is why government is trying to fight through exchanges regulations and having the ETFs to enable them have list of people storing their bitcoin in centralized platform, but they will not be able to get those that are purely using bitcoin in a decentralized way. Government hates their citizens financial freedom.

Barikui1

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Quote from: MusaMohamed on June 01, 2024, 04:51:52 AM

https://x.com/DSBatten/stat

The total paid $ for penalty is $388.8B, it's not small.

The discussion can start with

Why governments don't ban banks even banks are used for criminals?
Why governments don't ban knife, gun, email producers/ companies because they are used for criminals?

Hahaha, though it sounds ridiculous no doubt, but it's definitely a very good question, would they ban their own? No, I believe that most of these reason and excuses some government and state are saying is what they just want to put in front as their offense before they issue a ban, so they are just looking for something to hold unto, because they mostly feel that cryptocurrency is a threat to the traditional banking sector.

Lastly, in this life that we found ourselves, we all have to understand that life is all about interest, so the government gets no benefits directly from the crypto industry, unlike banks that contribute directly to the growth of the economy, so looking at it from their own point of view, we might do the same if we aren't enlightened enough to know the benefits of cryptocurrency in our society.

jrrsparkles

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Not just banks, the mode of payment they use is fiat so they should ban fiat money. Cheesy

We all know that bank give the excuse just to shut the questions raised against silencing the decentralized monetary system but all they want is just want complete control over the money so they can print as much as they want and we people can't know how much they print even.

passwordnow

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Quote from: MusaMohamed on June 01, 2024, 04:51:52 AM

Why governments don't ban banks even banks are used for criminals?

It's because the entire bank has a huge contribution to the economy of a country and that's why governments don't ban them. They ban if the bank accounts are used for illegal purposes, they ban the owner of that account, and also file some cases related to money laundering or any case that they can file to that person. There's a deep connection of bank institutions and the government and they're working together, remember that there are also central banks for each country and that's why, they can't just ban the banks because it also helps to circulate money in the country.

Quote from: MusaMohamed on June 01, 2024, 04:51:52 AM

Why governments don't ban knife, gun, email producers/ companies because they are used for criminals?

It's because they're being used for productivity. Once a product is used for illegal things, they're stopping the user itself and not the product. I know that it is what you think but if things are used 'by', not 'for' criminals then everything is going to get banned. Like the cars, they're also used by criminals, malls, stores, etc. All of it to be honest and that's why you can't just ban everything that are used by criminals. They are abused but they're not solely made for those illegal purposes and that I guess did some clarity or if not, not everything that the criminals have used are going to get banned. It's all about the criminals and not the things.

Freeesta

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The government currently does not have the ability to control cryptocurrency users from around the world. They have passed KYC, but this is still not enough. The only way to introduce cryptocurrency into the financial system of the state is to abandon traditional currencies and completely transfer banks to cryptocurrency. Only after this entire procedure will there be consequences, some states will introduce taxes on profits from cryptocurrencies, and here users will no longer be able to remain anonymous.

BADecker

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Banks are used for criminals, will governments ban banks?

Government officials are criminals.

Bank officials are criminals.

If we put them together, will two wrongs make a right? Roll Eyes

teamsherry

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Banks play an Important role for the government and also the entire system at large, there are not dismisable or something that could be scrambled out, they play an Important rolecin the circulation and control of circulation of money, during the no cash policy in my country, everyone ran to banks you know why cause the central banks always realize money to banks first and that's how money spread around and also back to the bank.

So with out banks the country would suffer from improper distribution of funds and the internal economy could just collapse as people might prefer to go back to doing exchange by bater or any other system that cab support trading apart From money.

Hispo

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It is not about banking, actually. It is about control and how governments want to have control over the funds of people, their accounting, their identity and other aspects of our life, regardless whether we are criminals or not.
It is obvious banks will continue to be used as criminals to try to launder money and fund their own operations worldwide, but it is unrealistic to even imagine governments will do anything beyond taking fines to those banks, which are quite small in comparison to the huge profits they get each year by the way.

This is the kind of discussion which reminds me the times in nazi Germany when the members of the party started to bank certain books, but did not banned books as a medium to transfer information. It also reminds me how there is an open discussion in the United States about limiting access to guns because criminals and spread murderers and mass shooters, while on the other hand, they have right to hold self defense.
What we see among banks, Bitcoin/Blockchain technology and governments of those countries is just plain hipocrisy and not wanting to admit they crave for power and total centralization.

legiteum

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They aren't going to ban banks any more than they will ban Bitcoin. Banks are regulated. Bitcoin is too. So what.

Topic: Banks are used for criminals, will governments ban banks? - page 2. (Read 484 times)