The United Kingdom government do not want people to borrow money and use it for crypto investment. Retail investors are targeted and not institutions.
LONDON, May 2 (Reuters) - Britain is to restrict consumers' use of credit cards to buy crypto and their access to crypto lending products, the regulator said on Friday, a move aimed at improving protection as cryptoassets are regulated for the first time.
Is this not easy to bypass?
I think this is another way of making their citizens lack freedom of doing something.
Restrictive actions like this are only going to push people more towards freedom aka. Bitcoin. That is the way I see it. Lending fiat to people who want to buy risky assets like shitcoins should have the freedom to do so. Is it not their choice to lend them the money, knowing the purpose?
So go ahead, government. Shoot yourself in the foot. The people will not sit idly by forever while their freedom is being taken away from them.
I think it's fair because only credit cards are being barred, as the article said, which means that they do not want individual users to be borrowing money and taking loans in order to invest in an asset that might go down in a 12-month period.
You can still use a debit card or wire transfer to purchase crypto from my understanding.
Is that really freedom, though? The government having a say in this instead of the lender(the bank), who is responsible for handing out loans? Should the government dictate who banks loan money to and for what reason?