It must be recognized that in many countries the Banks are complicit in what the government does, and many of their laws are based on what the government wants to achieve, otherwise it could be very harmful for a bank to go against the laws that the government imposes on it, in this case FIAT money are really the biggest problems of the corrupt, because they do not have to do with so much, that is what the banks are for, generally in my country the banks do not have much validity right now because the local currency It is worth nothing, but it is already starting to work based on Dollars and Euros, but ordinary normal people do not have access to it, that is, everything is a round-robin business between the government and banks, at least in Venezuela it is like that.
Topic: Fiat banks and the government. (Read 563 times)
The banking system should have their own policy that the operate on, that not withstanding the regulations in the bank is subject to the governments interference, the government can always give out orders and the banks have no other choice than to accept this only that the could modify it into ways that could favour them instead.
yeah, bank have rule for their customer, and need to protect them from outside. government need permission to look something about bank customer, and they dont have any power if it no relate with crime. but, bank must obey what government said, as long as they dont touch their customer. both can cooperate to protect society by their way.overall, they have good service for us, give us best deal when we need something.
Of course, because they are government banks and employees are paid by the taxes of the people, they should be more cooperative and give the best service being a banker. In our country, I think it really depends on the bank, but usually bank employees regardless of what company, they are well trained to do their job especially on customer service.
A recent situation in my country where the banks have been instructed to block accounts related/associated with crypto trading has prompted me to start thinking if these banks are actually happy carrying out government policies against their customers, because some of them seem not too happy about it but look to have little or no choice on the matter.
Can the banks challenge the policies from the government? Are the banks working for the people or the government? is there any possibility that banks can operate freely entirely from government policies?
(Read news article here)
Can the banks challenge the policies from the government? Are the banks working for the people or the government? is there any possibility that banks can operate freely entirely from government policies?
(Read news article here)
If the bank doesn't accept crypto transactions then P2P transactions could be good for you. In my country crypto is not legal so we do p2p transactions mostly without any involvement of the bank. I think we are partially experiencing the usefulness of decentralization.
Govt always tries to regulate everything so that they have overall control over their people. It's not far away when people don't need any bank involvement for their fund's management.
The banking system should have their own policy that the operate on, that not withstanding the regulations in the bank is subject to the governments interference, the government can always give out orders and the banks have no other choice than to accept this only that the could modify it into ways that could favour them instead.
yeah, bank have rule for their customer, and need to protect them from outside. government need permission to look something about bank customer, and they dont have any power if it no relate with crime. but, bank must obey what government said, as long as they dont touch their customer. both can cooperate to protect society by their way.overall, they have good service for us, give us best deal when we need something.
The government will always do what they want and how they want it. If the government decides to block every crypto transaction and affiliation, then you can always go for peer to peer transactions on exchanges. What I know is that the government can not watch you in your close door. They can only enforce it but make not monitor your activities in your close door.
the government will not issue regulations without a solid basis. I think crypto is not a threat that can harm the economy of a country, so there is no reason for the government to block crypto. crypto is part of today's technological advances, the government should not prohibit but facilitate it because crypto has been proven to improve the economy of many people. You have to be specific with the word "bank" because there are public and private banks, but the bank that print money is under the supervision of the government and that is the central bank. They don't have the same function as normal existing banks as central banks are the ones who regulate the whole banking industry.
I would suggest that private banks or investment banks are basically connected to central banks as well. The moment banks are dealing with horrible losses, central banks start to print money, why? Because if these banks end up bankrupting, then they are not going to just bankrupt themselves, they are going to bankrupt with everyone’s money in it.This is why central banks print money and give it to them so that they could help the nation grow instead of bankrupt. This is way, I believe that we are talking about connection between them, not directly of course but it is still there, so all in all we are talking about two different things but two things that are quite related as well.
They can do that if the whole banking industry is in trouble, but if a single bank only, then it's not necessary as it's not new to us seeing a bank that is bankrupt cause by mismanagement of the owners and their executives, banks will only print money when there is a national emergency, just like when the world is hit with the covid-19 pandemic.
You have to be specific with the word "bank" because there are public and private banks, but the bank that print money is under the supervision of the government and that is the central bank. They don't have the same function as normal existing banks as central banks are the ones who regulate the whole banking industry.
I would suggest that private banks or investment banks are basically connected to central banks as well. The moment banks are dealing with horrible losses, central banks start to print money, why? Because if these banks end up bankrupting, then they are not going to just bankrupt themselves, they are going to bankrupt with everyone’s money in it.This is why central banks print money and give it to them so that they could help the nation grow instead of bankrupt. This is way, I believe that we are talking about connection between them, not directly of course but it is still there, so all in all we are talking about two different things but two things that are quite related as well.
Am sure we are from the same country which is Nigeria if am right, but I will tell you that the banks are not really happy with this but they don't have choice they just have to do it. I have a friend which his account was blocked and he went to bank to complain and the bank traced his transaction and it shows that he used luno around 2016 that's why his account was blocked, the bank opened another account for and he was able to withdraw all the money in the old account which was blocked and he deposited it in the new account which he created. So if you think the banks are happy you are totally wrong and if your account have been suspended you can contact your bank and make complain.
The banking system should have their own policy that the operate on, that not withstanding the regulations in the bank is subject to the governments interference, the government can always give out orders and the banks have no other choice than to accept this only that the could modify it into ways that could favour them instead.
yeah, bank have rule for their customer, and need to protect them from outside. government need permission to look something about bank customer, and they dont have any power if it no relate with crime. but, bank must obey what government said, as long as they dont touch their customer. both can cooperate to protect society by their way.The banking system should have their own policy that the operate on, that not withstanding the regulations in the bank is subject to the governments interference, the government can always give out orders and the banks have no other choice than to accept this only that the could modify it into ways that could favour them instead.
yeah, bank have rule for their customer, and need to protect them from outside. government need permission to look something about bank customer, and they dont have any power if it no relate with crime. but, bank must obey what government said, as long as they dont touch their customer. both can cooperate to protect society by their way.
The government will always do what they want and how they want it. If the government decides to block every crypto transaction and affiliation, then you can always go for peer to peer transactions on exchanges. What I know is that the government can not watch you in your close door. They can only enforce it but make not monitor your activities in your close door.
The banking system should have their own policy that the operate on, that not withstanding the regulations in the bank is subject to the governments interference, the government can always give out orders and the banks have no other choice than to accept this only that the could modify it into ways that could favour them instead.
yeah, bank have rule for their customer, and need to protect them from outside. government need permission to look something about bank customer, and they dont have any power if it no relate with crime. but, bank must obey what government said, as long as they dont touch their customer. both can cooperate to protect society by their way.
The banking system should have their own policy that the operate on, that not withstanding the regulations in the bank is subject to the governments interference, the government can always give out orders and the banks have no other choice than to accept this only that the could modify it into ways that could favour them instead.
The government did same in my country as at last year but the bank interfered by asking us to change our descriptions while carrying out transactions.
The government did same in my country as at last year but the bank interfered by asking us to change our descriptions while carrying out transactions.
Yes, there are other banks that is fair and just, whom doesn't interfere with other matters that is not reflecting or may harm certain banks. But naturally, banks do obey what governments are told them to do, besides it's where they get their licensing and policies. So what do we expect? They can't just disobey the government that easily because they aren't independent.
Banks that operate their services in a country have an obligation to comply with government regulations that allow them not to break the rule just to support crypto transaction. If indeed the bank can do anything independently without government intervention, then the people at the bank must be able to be involved in this investment.I have a friend who works for a local bank, he really can't invest in cryptocurrencies because they are set up not to.
A recent situation in my country where the banks have been instructed to block accounts related/associated with crypto trading has prompted me to start thinking if these banks are actually happy carrying out government policies against their customers, because some of them seem not too happy about it but look to have little or no choice on the matter.
Can the banks challenge the policies from the government? Are the banks working for the people or the government? is there any possibility that banks can operate freely entirely from government policies?
(Read news article here)
Generally, governments should not interfere with banks. The central bank is responsible for the exchange rate of the national currency and the financial policy of the state, and only it is authorized to give the banks instructions and instructions that are binding on them.Can the banks challenge the policies from the government? Are the banks working for the people or the government? is there any possibility that banks can operate freely entirely from government policies?
(Read news article here)
It hardly makes any practical sense for bank employees to challenge any instructions from the central bank. Direct appeal to the central bank does not lead to anything, and appeal to the court is expensive, and even after that, you can lose your job.
maybe they literally can't do something that makes them interfere, but on the other hand they have a closeness that can make banks submit to them without them having to regulate it to the extreme.
This is a reciprocity where when the bank is submissive then the government can guarantee them and on the government side when they can guarantee all forms of regulation in the bank they will get more profits there
A recent situation in my country where the banks have been instructed to block accounts related/associated with crypto trading has prompted me to start thinking if these banks are actually happy carrying out government policies against their customers, because some of them seem not too happy about it but look to have little or no choice on the matter.
Can the banks challenge the policies from the government? Are the banks working for the people or the government? is there any possibility that banks can operate freely entirely from government policies?
(Read news article here)
Can the banks challenge the policies from the government? Are the banks working for the people or the government? is there any possibility that banks can operate freely entirely from government policies?
(Read news article here)
I think most banks has their own policies and the government has nothing to do with accounts that they block or restrict due to crypto transactions. As for me, they're just trying to control fraudulent transactions. However, there are also trusted banks that don't do account blocking and liquidate crypto transactions. I think we should only pick trusted banks.
The truth is that these banks are not going to be happy about that. Crypto investors and like one of the biggest customers that banks can have these days, and that's because there's a lot of money to be made from cryptocurrency investment. So, when governments instructs banks to block customers who are making use of cryptocurrencies , I don't think that they are happy doing such, and that is because they would be losing their customers. So the banks are not happy about it, and there is still nothing that they can do about it, because they work for the government and the government has the final say.
If you are living in a country where the government has decided to ban cryptocurrency, then it is up to you to be careful and know how you are going to be trading in to avoid being noticed. This is the time you have to switch to making use of decentralized exchanges, that way you wouldn't be caught.
I guess its seen in the faces of bank employees if they are happy turning down some of their customers just because they are using crypto. Of course they are not, but since banks are under the government so they are obliged to follow the rules and policies given by the government. And if any employee will try to oppose, for sure he'll be reprimand and might end up losing his job. So there's no way for banks to contradict what had the government has mandated. After all, government has always backed banks ever since.If you are living in a country where the government has decided to ban cryptocurrency, then it is up to you to be careful and know how you are going to be trading in to avoid being noticed. This is the time you have to switch to making use of decentralized exchanges, that way you wouldn't be caught.
A more appropriate word is an oligarchy where some people control the government, and they only control the government through banks. So that banking policies always support the oligarchs because banks are indeed used as a tool to further enrich the oligarchs and provide them with fresh money through the collection of customer savings funds which are ultimately used by them for capital. Banks, fiat, and the stock market are major sources of economic instability.
The truth is that these banks are not going to be happy about that. Crypto investors and like one of the biggest customers that banks can have these days, and that's because there's a lot of money to be made from cryptocurrency investment. So, when governments instructs banks to block customers who are making use of cryptocurrencies , I don't think that they are happy doing such, and that is because they would be losing their customers. So the banks are not happy about it, and there is still nothing that they can do about it, because they work for the government and the government has the final say.
If you are living in a country where the government has decided to ban cryptocurrency, then it is up to you to be careful and know how you are going to be trading in to avoid being noticed. This is the time you have to switch to making use of decentralized exchanges, that way you wouldn't be caught.
I guess its seen in the faces of bank employees if they are happy turning down some of their customers just because they are using crypto. Of course they are not, but since banks are under the government so they are obliged to follow the rules and policies given by the government. And if any employee will try to oppose, for sure he'll be reprimand and might end up losing his job. So there's no way for banks to contradict what had the government has mandated. After all, government has always backed banks ever since. If you are living in a country where the government has decided to ban cryptocurrency, then it is up to you to be careful and know how you are going to be trading in to avoid being noticed. This is the time you have to switch to making use of decentralized exchanges, that way you wouldn't be caught.
A recent situation in my country where the banks have been instructed to block accounts related/associated with crypto trading has prompted me to start thinking if these banks are actually happy carrying out government policies against their customers, because some of them seem not too happy about it but look to have little or no choice on the matter.
Can the banks challenge the policies from the government? Are the banks working for the people or the government? is there any possibility that banks can operate freely entirely from government policies?
(Read news article here)
Generally, governments should not interfere with banks. The central bank is responsible for the exchange rate of the national currency and the financial policy of the state, and only it is authorized to give the banks instructions and instructions that are binding on them.Can the banks challenge the policies from the government? Are the banks working for the people or the government? is there any possibility that banks can operate freely entirely from government policies?
(Read news article here)
It hardly makes any practical sense for bank employees to challenge any instructions from the central bank. Direct appeal to the central bank does not lead to anything, and appeal to the court is expensive, and even after that, you can lose your job.
Can the banks challenge the policies from the government? Are the banks working for the people or the government? is there any possibility that banks can operate freely entirely from government policies?
It's the same gang, they are working together! In the last few years, it's been a real mess in my country... one of the interesting things is that banks used to charge clients to process a loan... and someone discovered it's illegal and people and some associations started suing banks for that! Over 30k lawsuits... and many won and got their money...
Quote
The Efektiva Association of Bank Clients said on Friday that it had filed criminal charges against officials at the National Bank of Serbia (NBS) who failed to prevent banks from charging clients to process loans despite the Supreme Court ruling.
The Serbian Supreme Court ruled that banks can’t charge clients to process loans unless they inform the client about every individual expense.
The Serbian Supreme Court ruled that banks can’t charge clients to process loans unless they inform the client about every individual expense.
So, all services offered by the bank have a clear price, only the costs of loan processing do not! And it was like that until September... when some supreme court said "Banks have the right to collect credit commissions"... and now many people are confused, lawyers are striking against some new rules!
And to not mention how government said and banks supported how credits and loans in Swiss Franc are safe... so people took loans for buying apartments, approximately 50k euros, and after years of paying that loan they owe more than the value of the credit!!!! https://www.obserwatorfinansowy.pl/in-english/financial-markets/chf-denominated-mortgages-in-western-balkans/
And some countries and their governments find a way to help people, but not here in my country...
From the OP shared article:
Quote
Despite the central bank's actions, Nigeria's crypto market has emerged as one of the biggest in Africa!
I am always on side of people! And it's nice to hear that Nigerians found a way around the banks!
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