You are viewing a single comment's thread from:

RE: Bank of America "Bans" Bitcoin: Officially

in #bitcoin7 years ago

BoA and other banks did not ban Bitcoin. They have no regulatory oversight to ban. They did, however, stop allowing people to buy cryptocurrencies on credit (meaning loans and credit card purchases).

Also, checking out the articles you linked, the closest thing to "banning" is that they no longer allow their on-staff financial advisors to buy Bitcoin on behalf of their clients: "the company banned financial advisors from buying bitcoin-related investments for their clients."

At the end of the day, it's not in a bank's interest for their money to be leveraged to buy crypto-currencies, so of course, they're going to limit that as much as they can within their customer's accounts and terms of agreements, but the banks cannot ban consumers from buying with our own money. Only the government can regulate that!

Sort:  

Thank you for your feedback. The word "ban" means to forbid something from happening. BofA along with other Credit Card companies have stopped transactions to purchase cryptocurrency (meaning they forbid it from happening which they have every right to do). I explain that in the second sentence of my article. You also pointed out the interest of the Financial Institution, which I quote in the Banks own words. So thank you for your interpretation and rewording of that paragraph. Also, having been a customer of BofA I can assure you they are fully capable of closing ANY account for ANY reason without government consent or regulation. Best of wishes to you and your sister blog. I listen to the People and that is why I am here. I am not here to spread FUD, just here to inform and state facts, which I feel I have done. Thank you again for your comment.