Fiat banks and the government. - page 4.

Gyfts

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Quote from: Silberman on November 20, 2021, 02:50:03 PM

Quote from: Rruchi man on November 18, 2021, 08:24:19 PM

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)

Banks work for themselves and no one else, if they are mad about this then this is not because they want to side with their clients against the policies mandated by the government, they just want to obtain profits with this market as well, and personally I do not see anything wrong with that, I have always thought that you can more easily convince someone by appealing to their self-interests than by appealing to some kind of ideology, so if banks see their financial situation being affected substantially by this they will eventually move their influence to stop it.

Generally speaking the banks work for the government because any treasury positions can be pointed by the leader of the country, usually the President and then confirmed by a legislative body. But that being said, the government is a monolithic and this includes the central banks. Their interests align strictly with maintaining solvency within the currencies they operate out of, and maintain economic activity. The profit motive isn't as glaring, it's about self sustainment more than anything.

breathlessz

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Trphy.io

Quote from: alpamar99 on November 24, 2021, 02:58:55 PM

Quote from: Silberman on November 23, 2021, 12:34:02 PM

Quote from: 19Nov16 on November 21, 2021, 01:51:31 AM

The government certainly wants to fully control the money and the country's economy so that the presence of banks is a tool to realize full control, although private banks of course they must always provide real time reports of all transactions to the central bank and this is what makes me believe that the hope of replacing banks with crypto will not be able to happen because the state will protect the banks.

It is obvious that is their goal, the question is are they going to achieve it? And I think the answer is no, if I am not mistaken Nigeria is one of the countries in which the use of bitcoin has increased due to the pandemic, obviously the government is worried about this because it means those people could stop using their fiat and as such they want to put a stop to this, but what they do not understand is that people will see this and will take it as a signal to reduce their usage of fiat as the government is trying to stop them from trading and exchanging bitcoin when they are not doing anything wrong with that bitcoin.

that's right, even if they use all means to ban it, but in the end everything will still return to bitcoin because this is undeniable.
the example you gave is very clear and it's true this is a good momentum for them to reduce the use of fiat they do.
Indirectly, it is the government itself that makes fiat even more unpopular

i guess bitcoin should bring out its own power. when there are more and more bitcoin users, of course, it will increase its power to urge the government to make new regulations. and if that continues then bitcoin will automatically have a place on the bank side. because indeed the government seems difficult to relinquish its control on fiat

BuNga_cute

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Quote from: tygeade on November 25, 2021, 02:42:21 PM

Quote from: Rruchi man on November 18, 2021, 08:24:19 PM

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?

The banks might not be happy about this situation. Imagine where they have to close the account of one of their biggest customers just because he or she was involved in trading cryptocurrency? So, in a way this situation is going to be affecting the banks, and they might not be happy about it.

But, they have no other option than to carry out the orders that are given to them by the government, because the governments are the ones who controls them. The only thing that people have to do is that they will have to be very careful while making use of cryptocurrency in your country, that way they wouldn’t have to have any problem with the bank at all or the government. There are several ways that they can make use of Bitcoin or any other cryptocurrency and not being caught while doing it.

The government does have full control over bank activities and policies. After all, banks are obliged to comply with all regulations imposed
by the government. Although sometimes government policies are not favored by the bank, but banks cannot operate freely, there are always
rules made by the government to regulate banks. The government does this to protect the population, because if the bank is not controlled
by the government, it is possible for banks to impose high interest rates when providing loans to customers. Banks were created to enrich
their owners. So the government really needs to regulate banks. After all, with the government controlling the banks, the government is also
able to monitor the financial transactions of its residents. If there is a bank that violates the rules imposed by the government, the bank can be
closed its business license and the bank owner will certainly lose. So in any country all banks must follow government rules.

dunfida

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Quote from: Habibul08 on November 23, 2021, 02:44:11 PM

I don't think there is a chance that bank will go against government regulation and policies if they still want to operate and get permission to continue their service in this country. This will only harm themselve where bank and government system are both centralized and it is difficult to say that they are on the side of the people, so what you expect will just be in vain.

LOL! Do you really think that it would happen?

Banks are heavily centralized and it would be always that they will really be abiding those laws and regulations had been set out by the government.

If they wont? Then they cant operate and we know these institutions are businesses then that would surely be not an ideal thing which
most likely they would really be following on whats mandated.

Jaycee99

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Quote from: Rruchi man on November 18, 2021, 08:24:19 PM

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)

Here is the one thing I learn and that is not to connect or put your bitcoin or rather crypto income to the back as we all know they might see something suspicious as the majority of the people in the universe see's bitcoin as a scam.

do banks are connected to the government somehow yes? there is a circle and a cycle of income or a circle. The specific name of government seeing you through your BIR

If your normal income when to the bank there is difference but until now banks cannot go be freely

tygeade

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Quote from: Rruchi man on November 18, 2021, 08:24:19 PM

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?

The banks might not be happy about this situation. Imagine where they have to close the account of one of their biggest customers just because he or she was involved in trading cryptocurrency? So, in a way this situation is going to be affecting the banks, and they might not be happy about it.

But, they have no other option than to carry out the orders that are given to them by the government, because the governments are the ones who controls them. The only thing that people have to do is that they will have to be very careful while making use of cryptocurrency in your country, that way they wouldn’t have to have any problem with the bank at all or the government. There are several ways that they can make use of Bitcoin or any other cryptocurrency and not being caught while doing it.

alpamar99

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Quote from: Silberman on November 23, 2021, 12:34:02 PM

Quote from: 19Nov16 on November 21, 2021, 01:51:31 AM

The government certainly wants to fully control the money and the country's economy so that the presence of banks is a tool to realize full control, although private banks of course they must always provide real time reports of all transactions to the central bank and this is what makes me believe that the hope of replacing banks with crypto will not be able to happen because the state will protect the banks.

It is obvious that is their goal, the question is are they going to achieve it? And I think the answer is no, if I am not mistaken Nigeria is one of the countries in which the use of bitcoin has increased due to the pandemic, obviously the government is worried about this because it means those people could stop using their fiat and as such they want to put a stop to this, but what they do not understand is that people will see this and will take it as a signal to reduce their usage of fiat as the government is trying to stop them from trading and exchanging bitcoin when they are not doing anything wrong with that bitcoin.

that's right, even if they use all means to ban it, but in the end everything will still return to bitcoin because this is undeniable.
the example you gave is very clear and it's true this is a good momentum for them to reduce the use of fiat they do.
Indirectly, it is the government itself that makes fiat even more unpopular

fiulpro

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Quote from: Rruchi man on November 18, 2021, 08:24:19 PM

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)

Some banks have the right to operate independent from the government. I do think we have to understand that banking system is not of one type. For example in India there are several independent banks like :

Quote

1.2. Six Independent Banks are:
Indian Overseas Bank,
UCO Bank,
Bank of Maharashtra,
Punjab and Sind Bank,
Bank of India,
Central Bank of India.

Some banks can actually take such decisions on their own. Therefore it's not always the government, who is influencing them. Some banks are actually ** state owned as well** not all banks are owned by the reserve bank of India.
I would advice you to actually use banks like **digital bank of Singapore** this would help you in the long run, I never had problem with them in that sector. I always traded cryptos in them and never had any probelms.

- keep trading
- use other banking systems
- support cryptos indirectly or directly
- the government will regulate, it won't ban for sure they are earning profits from there.

Habibul08

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I don't think there is a chance that bank will go against government regulation and policies if they still want to operate and get permission to continue their service in this country. This will only harm themselve where bank and government system are both centralized and it is difficult to say that they are on the side of the people, so what you expect will just be in vain.

Silberman

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Quote from: 19Nov16 on November 21, 2021, 01:51:31 AM

The government certainly wants to fully control the money and the country's economy so that the presence of banks is a tool to realize full control, although private banks of course they must always provide real time reports of all transactions to the central bank and this is what makes me believe that the hope of replacing banks with crypto will not be able to happen because the state will protect the banks.

It is obvious that is their goal, the question is are they going to achieve it? And I think the answer is no, if I am not mistaken Nigeria is one of the countries in which the use of bitcoin has increased due to the pandemic, obviously the government is worried about this because it means those people could stop using their fiat and as such they want to put a stop to this, but what they do not understand is that people will see this and will take it as a signal to reduce their usage of fiat as the government is trying to stop them from trading and exchanging bitcoin when they are not doing anything wrong with that bitcoin.

Anguwa

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Quote from: Rruchi man on November 18, 2021, 08:24:19 PM

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)

I think some this commercial banks are not also happy with the way government policies is given them some restrictions related to cryptocurrency transactions being done by their customers. They really have to abide by the rules from the government, so they don't have choice. Also we the customer are also not happy with those restrictions, I hope the governments will understand how important crypto mean to us and set us free.

worldofcoins

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The banks of the country are regulated by a central bank which is being governed and controlled by the central government. So we can't expect that banks would react against the government. Since bitcoin isn't governed by any regulatory authority it can be the only reason for which the government has asked the banks to block those accounts. But I think strong legislation should be done for this revolutionary era of digital currency.

Pejoh Asu

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Banks benefit because they are fully regulated according to government regulations, this is what makes banks will always be in a profitable position even though cryptocurrencies users continue to increase, banks are certainly very important to control fiat circulation and the country's economy.

davis196

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The banks cannot be "happy" or "sad" due to the government regulations.They just do what they are told to do.They might lose a customer here and there,but that's not a big deal for any major bank.
Some banks are trying to fly under that radar and secretly bypass some government regulations,but they are going to pay millions or even billions of dollars worth of fines,if they get caught,so it's not worth the risk,especially when it comes to cryptocurrency related customers.I know that many banks conduct money laundering crimes,but the reward is way bigger for them,so we could say that it's worth the risk(unfortunately).

19Nov16

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The government certainly wants to fully control the money and the country's economy so that the presence of banks is a tool to realize full control, although private banks of course they must always provide real time reports of all transactions to the central bank and this is what makes me believe that the hope of replacing banks with crypto will not be able to happen because the state will protect the banks.

jrrsparkles

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Quote from: ?? on ??

Quote from: jrrsparkles on November 20, 2021, 04:24:15 PM

Quote from: Rruchi man on November 18, 2021, 08:24:19 PM

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)

Banks are working under their respective central banks so they can't over rule any policy made by the central bank but in some countries central banks can set their own policies apart from government regulations and also it applies to the banks as well. So banks can't change anything when their government doesn't want their people to do in their country. But banks are working for rich so no matters its for people or government they just take money out of everyone's pocket.

Banks are backed by government so they are oblige the rules that have been set by the government, otherwise they will force to stop their operation. So there will be no instances or chances that they should operate and transact against the government because they are always protected by it. Although banks are working to serve the needs of the people, but their services should always go align with what the government has imposed. And i think that's what most of centralized banks should do.

If the Bank we are talking about is public bank then its owned by government but not every Bank in every country is public bank so they are backed by their market shares of members if I am not wrong. But anyway all the financial institutions has to follow the rules of central bank because they all are coming under their regulations.

Darker45

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Quote from: Rruchi man on November 18, 2021, 08:24:19 PM

Can the banks challenge the policies from the government?

Anybody can challenge the policies of the government. But how far could a challenge get depends on how much pressure they could create and how much leverage they could use. If a single bank challenges a government policy, it might not prosper. But if all of them gather together and send a message to the government, the government will definitely pay attention and might just give in easily.

Quote

Are the banks working for the people or the government?

More like they are working for themselves. They're providing services to the people with a cost. That's how they make money. They're working with the government because they have to.

Quote

is there any possibility that banks can operate freely entirely from government policies?

No, there's none unless they plan to operate underground.

tulusikhlas

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That's because the bank wants to lock us up with its fiat and won't let you get away with earning income other than the fiat affiliated bank. That way the bank has an increase in loans to the parties concerned. Meanwhile, if you generate it from crypto, it is clear that you are considered a money launderer. Not much different from where I live, lately the balance entry into the account has begun to be monitored from where the source of the funds was obtained and check every transaction that is considered suspicious. Like crypto exchanges, we usually avoid that by means of peer to peer payments.

jrrsparkles

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Quote from: Rruchi man on November 18, 2021, 08:24:19 PM

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)

Banks are working under their respective central banks so they can't over rule any policy made by the central bank but in some countries central banks can set their own policies apart from government regulations and also it applies to the banks as well. So banks can't change anything when their government doesn't want their people to do in their country. But banks are working for rich so no matters its for people or government they just take money out of everyone's pocket.

dimox

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government is biggest, and its bigger than bank. bank created by government, and when the bank created by person, they need permission from the number one, holding and make rule for that person.

Quote from: Oasisman on November 20, 2021, 03:25:47 PM

Quote from: Rruchi man on November 18, 2021, 08:24:19 PM

I'm not quite sure about this because even the private banks have been operating under the policy of the government here in my country.
But, one thing is for sure these banks can actually contest the policy If they think it's not necessary to do such thing that could potentially help their business grow.
The government would always control everything especially that those involves money.

they need access and permission from related parties if needed. and yeah, bank can reject if it not important.

Topic: Fiat banks and the government. - page 4. (Read 563 times)