Bank of America started declining transactions with cryptocurrency exchanges on Friday; JPMorgan Chase enacted the ban Saturday.
Jamie Dimon, the chief executive of JP Morgan, has been a vocal adversary of the movement calling it a fraud. That JPMorgan, Bank of America, and Citigroup are all trying to freeze Bitcoin in its track is not surprising, as theres been a massive surge of mainstream interest that I call the Crypto Singularity.
In the west payments, credit cards and access to cryptocurrency exchanges remains a confusing mess and primitive user experience for the consumer.
https://medium.com/@Michael_Spencer/banks-are-banning-bitcoin-buys-via-credit-cards-76e956e73cdeReally? Well, good luck to them! They would be needing extensive data gathering collection system whereby they would need to monitor each and every transaction that comes their way. Nonetheless, if money transactions involving Bitcoin would be between persons alone, say, I bought Bitcoins from 'B' thereby I would have to transfer funds directly to B's account. In this sense, you see that there is an evident exchange of cryptocurrencies but it need not pass through a software, app or any system that can be detected by bank's as coming or emanating from a purely Bitcoin transaction. We all know we can always do a workaround this, just that it would require us time, money, and effort. Also, I find this purely arbitrary to think there are NO laws banning Bitcoin in the US. Laws should be made to once and for all settle the US government's side on this global issue. They cannot just decline transactions to the detriment of all those who only work for a living sans any laws requiring otherwise.