Fiat banks and the government. - page 6.

lixer

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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? Are the banks working for the people or the government? is there any possibility that banks can operate freely entirely from government policies?

This question is not at all making any sense to me because banks are just the representation of government financial activity and how you could expect them to be working for people? Definitely banks are working for government and it will make profit for governments by basically lending to people.

I am not seeing any possibilities (even private sector banks) to be operating entirely free from government policies and regulations.

Moreover, for the exact purposes as per you have asked here, we got decentralized banking system in the name of bitcoins. It is definitely free from all government policies and all kind of regulations but only when people are looking for all their activities in crypto space in the decentralized way.

Alanaz

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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? Are the banks working for the people or the government? is there any possibility that banks can operate freely entirely from government policies?

this is an impossibility because the bank is already connected and is already under government regulation, so it is impossible for a bank to be able to oppose the government in any form.
their relationship is already very unlikely to be separated in this case once they have dominated it will be increasingly difficult in the counter step.
it would be possible if you could maybe walk away from there and stay in crypto or indeed leave crypto and join the projects that governments and banks are doing.

Leviathan.007

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If I'm not mistaking you are from Nigeria and I have some friends there, all my Nigerian friends are into crypto and bitcoin at a different level so I guess many people are into crypto there, when this huge amount of people are active in this field that's not surprising to see the government is tracking the transaction of these people especially for a government like Nigeria where fiat currency is not valuable as the USA or another strong nation. I guess what they do is very much normal and this happens in another country where there are many crypto holders and investors.

bosede1

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If this is to any relation to my country Nigeria the law was given by the federal government which cannot be out ride, if any banks say otherwise they have to face the law which I don't think they are in any way ready for.

Rufsilf

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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? Are the banks working for the people or the government? is there any possibility that banks can operate freely entirely from government policies?

Banks is a financial institution whos regulations and laws are dictated and controlled from the government, so it's more like banks are working for government and they're related with each other.
And certainly not, banks can't really deviate or depart from an established agreement or law from the government. If banks suddenly change its course to operate freely away from government, it would literally mean termination.

goldkingcoiner

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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)

A bank operating freely from government policies? Thats basically what crypto is for... But to answer your question, no, no that is not at all possible. The banks have to do as their government tells them. Of course they would not be happy to block accounts of their own customers because that means spending more money doing so and also having unhappy clients who are getting mad at them for doing so.

Its a loss for the banks.

kryptqnick

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I think it depends on a country and the banks. If it's the central bank, it's likely to have a lot of authority. In many countries, crypto guidelines issued by the central bank actually serve instead of the legislation on cryptos, so the central bank can form a policy. Even in this article about Nigeria, it's the central bank that ordered others to freeze accounts.
If it's a democracy, and we're talking about one of the most popular commercial banks in the country, it might publicly oppose the decision of the authorities and express concerns over the interests of their customers. Honestly, I don't know what's the situation in Nigeria in terms of democracy, corruption and financial freedom.

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Quote from: Haunebu on November 19, 2021, 04:55:28 AM

Anyone with a half-decent brain knows for a fact that banks and their governments work closely together for mutual benefits. Why on earth would they work against each other pointlessly op?

Banks have, are and shall always work for the government primarily. They do challenge government policies rarely. BTC was developed to take some power away from banks and governments and transfer it to the people.

that's the reality of life here. traditional banking system and government go hand in hand. if in case banks will challenge the government, they will always come to an agreement and work towards one goal.
so yes, don't think they will be fighting with each other because as much as possible they want to get money as much as they can from its people. this is why traditional banking will always be there. they are like the lifeblood of the government and very important for the economy of every nation.

Ucy

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The bank can simply obey what is lawful/moral and use the fundamental rights/law to challenge the order in a good court.

If a government has good reason for requesting that, that should be applicable to those for whom the order were made... Like terrorists, those seriously misusing/abusing True Cryptocurrency, those harming people/society with their activities. The right of the innocent is always protected. You make laws without compromising these rights

*The purpose of law is to guide us to do what is right not to prevent us from doing what is right.

Haunebu

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Anyone with a half-decent brain knows for a fact that banks and their governments work closely together for mutual benefits. Why on earth would they work against each other pointlessly op?

Banks have, are and shall always work for the government primarily. They do challenge government policies rarely. BTC was developed to take some power away from banks and governments and transfer it to the people.

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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)

There's no emotion attached to these banks if they're just following the orders of the government. They'll mind more of their business than the area of some of their customers.
AFAIK, it's always the banks are coordinated with the bank, with the central bank and it is with the government. So whatever mandate they disseminate to the banks that they're monitoring, they can't do anything with that if the order if from the top of the body of the government.

michellee

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The banks can change their regulations because of government forcing because the banks are under the government. It is hard for the bank to go against the government, but if inside the banks have an honest official who wants to give the best services to their customers, an honest official can protest the government. But still, they are not too strong against the government, especially if they are not too big to compare to the government who wants to use the old way.

I am not sure if the banks can operate freely entirely from the government because if the banks are still under the government, that will be impossible to get that.

Kakmakr

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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)

Why would Banks want to work against the "hand" that protects them? The government used tax payers money to bailout the Banks, when they nearly collapsed.. and these Banks know that.

The Reserve Banks manipulate interest rates to favor Banks and they print the money that generate income from fees for the Banks. So there are zero chance that any Banks will ever go against the will of their governments. Roll Eyes

mindrust

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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)

No company can challenge the government. They'll have to do whatever the gov asks from them. If they don't comply, the gov can punish them. What other choice they got? Banks are no exceptions in this situation. If they cannot operate under the current rules, they can sell their business to someone else and do something else instead.

Wexnident

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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? 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)

No, I don't think they can. As others have said, Banks and the government have a pretty close-knit relationship and most of what the banks could do is pretty much what the government sets or allows. Plus I hadly doubt there's any banks that are against the banning of crypto since crypto itself gives the user themselves the ability to become their own personal bank. Ofc some part of the population would still probably rely on them, but they wouldn't have complete monopoly unlike then.

Gozie51

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Bank is an agency of the government and as an agency like other government agencies can not go against the government. They have a boss worker relationship or employer and employee relationship sort of. The government has direct control on the Apex bank generally known as the central bank. The centre bank is the bank that houses the financial policies of the government and the centre bank throws it down to the banks which is known as the commercial banks that then deals directly with the people. Looking at the analysis then you understand that the commercial banks are to carry out directives from central bank.

There are measures to ensure that the commercial banks carry out the policies out and one of the way is to revoke the license of the bank from operating. The government can shut down the bank or look for means to merger and take the bank CEOs out.

Poker Player

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The banking system and governments are closely related, so don't expect banks to go against government policies, and the bigger they are, the less likely it is.

They have common interests: at first neither governments nor traditional banks liked Bitcoin. Now they still don't like it, but they have had to accept it because they have realized that there was no way to stop it, which doesn't mean that they will try to trip it up as soon as they can.

Rruchi man

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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)

Topic: Fiat banks and the government. - page 6. (Read 563 times)