It looks like Cryptocurrency traders have another hurdle in their path. A number of banks in the USA have banned their customers from purchasing cryptocurrency with their debit cards. This started during the weekend when a number of major banks placed the ban. Among the banks are Chase, Bank of America, JP Morgan, Citigroup, Capital One and Discover.
This comes just Visa put an to a partnership with a major cryptocurrency card provider back in January. The move resulted in many unhappy cryptocurrency traders. This was completely due to Wave Cresh not complying with the regulations placed on them by Visa. This was of course followed by a lot of traders turning their backs on cryptocurrency.
Banks in the UK have also placed bans of cryptocurrency. Amongst the banks to ban cryptocurrency are MBNA, Halifax, Bank of Scotland and Lloyds banking group.
It’s nothing new that banks are against cryptocurrency. They have been for quite some time now. They have used constant excuses to hold cryptocurrency down. High volatility and money laundering fear were amongst their reasons. Things look worse in the UK as some banks have refused mortgages approval to individuals who made their money by investing in cryptocurrencies.
Many are unhappy with the banks. When it comes to someone’s hard earned money, why should these establishments care where their clients spend and invest. Are they really just trying to protect them from gambling away their savings? Maybe that is the reason, yet maybe it goes even deeper than that.
Keeping this in mind along with a number of other occurrences throughout the year, 2018 has not been a good year for cryptocurrency. In fact it looks like the banks along with hackers and government regulators are out to destroy the currency or at least garner full control over it.