Topic: Royal Bank of Canada BANS ALL Cryptocurrency Transactions! (Read 306 times)
Too bad, if they have issued a ban, then nothing you can't do. Switch to other banks!
You simply switch to another bank that does offer that service. other banks may not have the same rules, and i know that some of them are even offering cryptocurrency related services such.
Why now I wonder? And it's not just this bank in Canada, it's most of them. Check Canadian Localbitcoins volume, everyone's gone there instead. Considering the sheer number of banks who've done this in the last few months it must be a relatively coordinated effort.
the canadian banking cartel is actually from a political point of view highly unnatural, the idea of creating national banking cartels was violently enforced by adolf hitler when he killed all jews in germany and later europe that where active in the financial system.
the war led to the opportunist canadian and american banking cartel to take a strange position opposing hitler and germany while establishing and running thier own banking cartel banning all other cartels in the society respectivly.
now cryptocurrencies are decentralising everything and they try to defent their banking cartel. and their access to "money earning cattle"
preventive action is very good, RBC worried if the external factors will give more bad influence on the country. especially from the economic and criminal side.
but this decision is temporary, so, I still see there will be a positive result after they have analyzed cryptocurrency.
but this decision is temporary, so, I still see there will be a positive result after they have analyzed cryptocurrency.
Why now I wonder? And it's not just this bank in Canada, it's most of them. Check Canadian Localbitcoins volume, everyone's gone there instead. Considering the sheer number of banks who've done this in the last few months it must be a relatively coordinated effort.
But in the end, they will lose the war. Like uber and messagers that dominates the market almost around the world, crypto will do same. But the bankers/government is stronger and harder to defeat, but in some years it will be done.
wenn they lose the war, the cryptocurrency people will also lose, they will lose their states, their tech basis, their IT supply, their linguistic school system etc.
the problem about cryptocurrencies is the same like the one when the germans decided to genocide the jews,
the interest to create money and live of others that work for it is so huge, that the cryptocurrency people systematically will damage and focus the economy on themselves simily like the jews did, after the kings and european nobility were removed and lost their power to mint money.
this will then create vast poverty for the working population to such an extent that less and less people are willing to work for money at all.
this will then cause a domino effect till the entire economy is basically crushed.
That sucks, Canada is one the leading countries when it comes to crypto regulation and growth. Sad to see this happen, and can only happen their stance gets reversed soon enough. Let it be a half fake ban like all the other "bans" 
.
. The 'SO WHAT' mentality will do here, trust me.
If your bank already banned Cryptocurrency transactions then move on to another ways of funding your crypto assets, after all there a lot of ways to do that. We can blame banks to make regulations against cryptocurrencies but we can't stop them because we all know that if it will prosper along the way then it will eventually kill the banking industry also so they're maybe slowing it down to think a way for them to survive in the near future. For me this is a positive thing because banks only showcases the greatness of cryptocurrency that they are not willing to support it.
If your bank already banned Cryptocurrency transactions then move on to another ways of funding your crypto assets, after all there a lot of ways to do that. We can blame banks to make regulations against cryptocurrencies but we can't stop them because we all know that if it will prosper along the way then it will eventually kill the banking industry also so they're maybe slowing it down to think a way for them to survive in the near future. For me this is a positive thing because banks only showcases the greatness of cryptocurrency that they are not willing to support it.
And if the method runs out before that?
Id there is no bank to turn to in order to buy crypto before crypto totally overtakes banks?
What then?
Id there is no bank to turn to in order to buy crypto before crypto totally overtakes banks?
What then?
Trade locally via localbitcoins? With that difference to the actual price?
Try the so called decentralized exchanges that are more of a farce than an exchange?
What do you mean by this? and by the way I think almost all of the exchanges are centralized.Try the so called decentralized exchanges that are more of a farce than an exchange?
No, the "so what" mentality will only work to deny reality and to think that by ignoring them problems will go away.
Problems will remain problems if we don't make a solution in solving it, my point here is if you can't control such things then 'so what', move on.
It amazes me how this financial institutions and governments thinks they know what the people wants. How can a bank tell me what to do and not to do with my money? So far there is a documented receipt stating i did on my own volition perhaps something bad happen, I don't think it is their problem. But then, what do i know
Here's the thing. What if I want to transfer $1,000 to CoinSquare and invest in US dollars or gold stocks? Who says I'm going to trade my CAD for Bitcoin?
I'm curious, you are also forbidden to do this: " transfer $1,000 to CoinSquare and invest in US dollars or gold stocks? "
Any email or phone call you make to them just results in a minimum wage employee repeating the same banter about cryptos being risky.
They are not paid to give their opinion, they are paid to do what they are told to do
Nobody should lose sleep over this news.
this is a problem that can take sleep from OP
They are simply trying to defend themselves against the inevitable collapse of the banking sector. They can try to ban cryptocurrency trading but there will always be a way, most likely we will move to decentralised exchanges like BISQ.
Here's the thing. What if I want to transfer $1,000 to CoinSquare and invest in US dollars or gold stocks? Who says I'm going to trade my CAD for Bitcoin? The bank is telling its clients which investing organizations we're allowed to use. Any email or phone call you make to them just results in a minimum wage employee repeating the same banter about cryptos being risky.
Well cryptocurrency definitely has risks involved and maybe it would endanger the bank if they continue to get involved in transacting crypto. Because these cryptocurrency is decentralized if something bad happens, bank may not be able to do anything.
banking restrictions are common in the crypto currency filed but in Germany banks transferring loans through bitcoin so there is variations in every county banks to understand
My bank, RBC has banned all transactions involving crypto. I can't even fund my Coinsquare account with my debit card anymore.
This is the response I got when I emailed them about it:
"The cryptocurrency environment is continuously evolving. After carefully reviewing the current regulatory, risk, and external environmental factors around cryptocurrency, we've elected to stop facilitating transactions involving cryptocurrency. We will continue to monitor these factors going forward."
They are surely going to regret it in some time to come when their customers are going to stop using their banks and go to other banks which are offering services that suit their customers. I suggest that OP moves all his funds to a new bank. This is the response I got when I emailed them about it:
"The cryptocurrency environment is continuously evolving. After carefully reviewing the current regulatory, risk, and external environmental factors around cryptocurrency, we've elected to stop facilitating transactions involving cryptocurrency. We will continue to monitor these factors going forward."
Cryptocurrency now as a locomotive that can not be stopped. Its development is inevitable. Banks will try to stop it, but it will not stop the development, but only slow it down. This is certainly not good news, well, nothing, bitcoin will survive it.
Any bank banning you using your actual own money to fund crypto is insane in the developed world.
Get a new sensible bank a global one like barclays or hsbc
These are developing crypto trading platforms.
Sure banning credit card purchases is understandable but all transactions
When the winds of change blow some build walls others build windmills...
Smart progressive banks will crush out those that don't see change is here now.... people can always move to other banks so they will expand whilst the others vanish
Get a new sensible bank a global one like barclays or hsbc
These are developing crypto trading platforms.
Sure banning credit card purchases is understandable but all transactions
When the winds of change blow some build walls others build windmills...
Smart progressive banks will crush out those that don't see change is here now.... people can always move to other banks so they will expand whilst the others vanish
then it is time to change your bank!
it is simple, when a bank that you are using stops offering the service that you wanted to use, then you simply switch to another bank that does offer that service. other banks may not have the same rules, and i know that some of them are even offering cryptocurrency related services such as a cryptocurrency vault in Pacific & Western Bank of Canada.
it is simple, when a bank that you are using stops offering the service that you wanted to use, then you simply switch to another bank that does offer that service. other banks may not have the same rules, and i know that some of them are even offering cryptocurrency related services such as a cryptocurrency vault in Pacific & Western Bank of Canada.
Soon will be entire nations banning crypto, so even if you change to another bank, and let's say you are in Canada like OP... then every bank under Canadian jurisdiction will not allow you to do anything crypto related, which means you are forced to, at that point, move your crypto activities off-shore, which can lead to some problems if you don't know what you are doing.
This is why im too scared to do anything with my coins other than holding them. It's better to just hold long term and let everyone take their masks off and define themselves as pro bitcoin or anti bitcoin, and once it's clear who is going to give you a good treatment and who is going to steal and confiscate all of your funds as soon as they hit their bank's jurisdictions, make some moves. Until then my advice is to not risk it, just hold and let things develop.
It is just one bank in Canada banning crypto transactions. To make thing easy, why don’t you just open another bank account for crypto? If the other Canadian banks are not banning the crypto transactions, there is no reason for Royal Bank of Canada to continue the ban.
They can see it as a threat so they have to ban all crypto transactions just like what the banks from the India did.
Maybe the same thing will happen that there will be people who will be against to this move who are supporters of crypto. But if this is final and their decision won't change then you have to accept the fact and look for another way to load up your account.
Maybe the same thing will happen that there will be people who will be against to this move who are supporters of crypto. But if this is final and their decision won't change then you have to accept the fact and look for another way to load up your account.
Jump to: