Topic: Royal Bank of Canada BANS ALL Cryptocurrency Transactions! - page 2. (Read 320 times)
I'm from Canada, and i know Royal Bank has stopped transaction related to cryptocurrencies, But it is only 1 bank, There are lots of banks who still fine with crypto, such as CIBC, Scotia Bank, BMO, TD Bank etc, so you don't have to worry about it.
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."
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."
Well i don't think you should be surprised. That's why banks are threatened by btc because they control your own money. Think about it, they shouldn't have anything to do with your debit card purchases right? I can understand if it's purchased through credit cards but using debit card should allow to make any purchase you want
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."
Canada didn't have a banking ban for cryptocurrencies right? so I assume that you can still buy and sell cryptocurrencies using other local banks in your country, better to pull out all your money on that bank an transfer to a bank that will let you spend your money on where you want to use it. Some banks are now being threatened by cryptocurrencies that's why they don't want their customers to use their service to purchase cryptocurrencies and those risk and environmental factors are just an excuse. Don't be a puppet of this banks on where you can only use your money. People shouldn't trust banks like this. 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."
Wow man, I expected the Canadian banks to be a bit more open-minded about crypto.
Canadian banks are open-minded about bitcoin. in fact there are some banks in Canada that are so happy that bitcoin exists and are even talking about adopting it and offering a bunch of services for it. what you read in OP is just one bank in Canada that presumably did this according to OP.
In my (european) country thay started closing accounts too, some companies running well-known exchanges had to even escape abroad to be able to keep on running their service. Which strikes me as particularly dumb - the authorities could have retained their share of the profit in taxes if they kept them from running, and now the taxes will go to completely another jurisdiction.
Wow man, I expected the Canadian banks to be a bit more open-minded about crypto.
Canadian banks are open-minded about bitcoin. in fact there are some banks in Canada that are so happy that bitcoin exists and are even talking about adopting it and offering a bunch of services for it. what you read in OP is just one bank in Canada that presumably did this according to OP.
In my opinion it shows only that they are confused. Just change a bank and that's it. They don't support crypto transactions because their business model is risk based, and they can't assess the risk involved with crypto and they just want to be on the safe side. I don't think that it means they are anti-crypto, they are just a little scared and confused.
Why would they restrict their clients from buying Crypto with debit though? It's my money and my risk to take. They allow me to blow thousands at a casino if I feel like it.
On the other hand, gambling laws are usually quite well established and quite mature and that is why that they are very confortable allowing those transactions.
Don't confuse the risk that involves you and their (bank's) risk (like when you gamble, you take your own risks - they couldn't care less about your risk). What I refer to as "risk" is their (bank's) risk - the risk to a financial institution related to legal dealings in uncharted territory of cryptocurrencies.
Wow man, I expected the Canadian banks to be a bit more open-minded about crypto.
Oh well, I guess we can all expect some sort of "push back" from all banks, I mean they know what a massive threat crypto is to their business so they will obviously try to push back wherever they can.
Change is inevitable no matter how hard they try to fight it.
Also, I'm sure if you use LocalBitcoins.com then your bank won't know what the transactions are for. They will not be able to tell that they are crypto related.
Oh well, I guess we can all expect some sort of "push back" from all banks, I mean they know what a massive threat crypto is to their business so they will obviously try to push back wherever they can.
Change is inevitable no matter how hard they try to fight it.
Also, I'm sure if you use LocalBitcoins.com then your bank won't know what the transactions are for. They will not be able to tell that they are crypto related.
Bitcoin will be a threat to many of those banks because the success of bitcoin may be lead to loss of value to them, as it will reduce their effectiveness soon even by the time people earn well less people also request loans from and when are better established they invest more in bitcoin. Buy for now they have a lot to offer bitcoin users during exchange.
In my opinion it shows only that they are confused. Just change a bank and that's it. They don't support crypto transactions because their business model is risk based, and they can't assess the risk involved with crypto and they just want to be on the safe side. I don't think that it means they are anti-crypto, they are just a little scared and confused.
Why would they restrict their clients from buying Crypto with debit though? It's my money and my risk to take. They allow me to blow thousands at a casino if I feel like it.
In my opinion it shows only that they are confused. Just change a bank and that's it. They don't support crypto transactions because their business model is risk based, and they can't assess the risk involved with crypto and they just want to be on the safe side. I don't think that it means they are anti-crypto, they are just a little scared and confused.
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."
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."
Sounds like you need to move to a new bank, however you might be able to use your credit card on other crypto exchanges, you can also try money transfer, it will just take a few more days before your money get there.
Bitcoins ATM's are also a possibility.
I guess Canada watched till now and when countries like India are taking strict actions with their banks transacting with Crypto then many will start doing the same. The common Joe needs to understand and start using bitcoin then govts will come after.
Yeah 1000% sure.
Canada is following India, as India is probably the economic model that everybody should follow.
/sarcasm
It's not CANADA!!!
It's one bank in Canada (although the largest indeed), this is not a decision by the central bank, the government, the parliament, the finance minister or anybody else.
However, government knows that they can't actually fight cryptos. That is the reason why they are taking such stringent measures and trying to remove cryptos from the root. But the governments are not realizing that, they are loosing an opportunity of the future. While countries with progressive mindset like Japan and Germany have started benefiting from it, some countries are showing primitive mindset of controlling things.
.Again, what actions by the government are you talking about?
I guess Canada watched till now and when countries like India are taking strict actions with their banks transacting with Crypto then many will start doing the same. The common Joe needs to understand and start using bitcoin then govts will come after.
Actually all of these bans are temporary and unimportant, its about regulations, crypto is evolving very fast but regulations are slowly coming into the market so banks have to wait for some clarity.
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."
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."
Many countries is fighting against bitcon and cryptos.
In fact, bankers and government will always fight agains, it is like the regular taxi against uber and telecom companies against messagers/voip.
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.
For me its still a small news because unlike china who holds the largest hash power overcome their government regarding this matter. I suspect that they ban cryptocurrency because their banks are implementing their own blockchain technology which I think is dangerous because it will hold less transaction rate and susceptible to cyber attacks.
Nobody should lose sleep over this news. It is normal because banks are fighting to protect their work and their business. The government and their agents (banks) will continue to try all they can to kill bitcoin and crypto. This war started since lasts quarter of last year till present time but Bitcoin has remain resolute and strong in the face of all these attacks.
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."
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."
That's sad! Even India has started taking such steps. The Reserve Bank of India issues a notice to all banks to wind up their positions from facilitating crypto related businesses. So crypto related businesses are not able operate their bank accounts and eventually thinking of moving abroad to a crypto friendly country. I hope some businesses in Canada takes this matter to court just like some businesses in India did.
However, government knows that they can't actually fight cryptos. That is the reason why they are taking such stringent measures and trying to remove cryptos from the root. But the governments are not realizing that, they are loosing an opportunity of the future. While countries with progressive mindset like Japan and Germany have started benefiting from it, some countries are showing primitive mindset of controlling things.
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?
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?
No, the "so what" mentality will only work to deny reality and to think that by ignoring them problems will go away.
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."
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."
This is really a bad one coming from the bank at this time. But would like to know the position of the central bank of Canada's position on the issue of crypto because if they have not taken a position then the bank is just acting up which gives you the option of opening another bank account in another bank and you can just go ahead and carry out your trasactions otherwise, you have to think of ways of carrying out your transactions under the radar or transacting abroad.
From Canada one of the bank making a ban upon cryptocurrency related transactions is a bad news to the growing industry. Canada is one among the country that has got large number of users than many other countries. Maybe this could be a start of regulating bitcoin usage in Canada as well.
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