Canadian bank joins the club of banks with restrictive crypto policy

Earlier this week, a Canadian bank, Bank of Montreal Financial Group has put a restriction on their customers. They are not able to buy cryptocurrencies not only with credit but also with a debit card. With renewed policy, they joined ranks of American and U.K. banks who already made these restrictions.

Another Canadian bank implements the restricting policy

Canadian Bank BMO’s decision followed several of the biggest banks, who already banned cryptocurrency transaction over the past few months. This decision comes as part of a global crackdown led by major lenders and credit card issuers. Toronto-Dominion Bank (TD Bank), Canada’s largest bank has already blocked attempts to buy digital currencies last month.

Canada’s second-largest bank by assets, Royal Bank of Canada (RBC) didn’t cut off card purchases but said it would only allow transactions involving cryptocurrency in limited circumstances.

Prince on the decentralized horse

It seems that in spite all the restrictions, customers are willing to jump through some hoops to get their coins. The chart above is the volume of the LocalBitcoins buying and selling volume in the national Canadian currency. The volume shot up from less than $1.2 million to more than $7.2 milion in the period of the last 3 weeks. This is when Canadian banks started to ban crypto trading. Change in the traffic volume is extagering 500%. Canadians obviously won’t be topped by the bank-imposed ban and will simply avoid them by using p2p platforms like localbitcoins.

Ironicaly this is actually the whole point cryptocurrencies and blockchin in general: individual freedom and taking ownership over your own money. The hypocrisy of governments and banks is more than well-known to all of us and their alleged ”consumer protecion” is an actual direct attack on human rights. Individual freedom is derived from economic freedom – you have the right o spend your money the way you want, not the way banks will let you.

Seeing all of this, itis crucial to understand te importance of p2p platforms and decentralized exchanges. Development of such platforms is essential for the survival of bitcoin and cryptocurrencies in general.

Although this is a clear attack and violation on human rights, banks are actually making an opposite effect. First by taking control over customers money and robbing them of the choises, making it clear that you have as much control as they let you. Second, by doing so, they forced customers to seek other alternatives and hopefully,y majority will find it before be discuraged. 

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