Banks are playing childish games with crypto related companies, pushing more users towards cryptocurrency as their prefered currency.
Mounting resistance: banks and their impending obsolescence
As it stands, certain cryptocurrencies are gaining legal recognition, governments throughout the world have been incorporating them into their regulatory frameworks; although, legislations will vary per territory. It’s a given that the outcome will be another regulated aspect of the financial system – which benefits all.
Banks cannot undo this development, but this isn’t to say they will not try their hardest to resist this financial advacement. Earlier this week, in a historic and landmark decision, Israel’s Supreme Court forced the country’s banks to stop impeding transactions coming from cryptocurrency related activities. This was after a series of complaints against the banks for blocking transfers despite full AML and taxation compliance, with some going so far as to terminate cryptocurrency related accounts – with no solid grounds.
“Recently, we have witnessed an extreme escalation in the banks’ fight against Bitcoin and the other virtual currencies. In what appears to be a planned policy of targeted assassination, the banks are preventing their customers from returning foreign money originating in virtual currencies to their Israeli accounts, even though the clients wish to declare the movement of the funds and pay their taxes according to the law.” says Doron, Tikotzky, Kantor, Gutman & Amit Gross, the law firm representing one of the complainants.
In India, cases are piling up against their Reserve Bank, which hastily decided to cut crypto companies off – by banning banks from engaging with them.
As the new Internet of Money dawns, banks are desperately fighting for survival – but some are doing it the wrong way. Instead of coming to terms with change for the good and integrating the technology into their systems for their full advantage, some choose to fight with backward-looking hostility.
“Big Banks want to destroy Bitcoin before it destroys them,” wrote Forbes.
CoinGeek’s Stripe access revoked—no worries, we accept BCH
CoinGeek recognizes that it may take some time to get everyone onboard—setting up wallets, learning how it works, and moving funds to the cryptocurrency sphere does warrant proper preparations. To accommodate everyone during this transition, we included credit cards as a payment option – but this no longer works.
Despite full compliance with the Terms and Conditions, Stripe revoked CoinGeek’s access to its credit card payments gateway. This friction is similar to what other cryptocurrency-related companies and individuals are experiencing with the traditional banking system – across the world.
As a solution, the website is forging through much earlier with the complete shift to a bCommerce universe – where operations are fully done using Bitcoin Cash (BCH). Tickets for the first CoinGeek Conference, happening May 18 at the Four Seasons Hotel in Hong Kong, can be purchased with BCH here.
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