Banks Have No Room To Preach
Funny how HSBC stance with Crypto is a no go zone saying it is too volatile and they are protecting their clients. As a bank they have been caught on numerous occasions for money laundering and should not be preaching to their customers. Buying Crypto is not illegal and it is your money and not theirs so they will pay in the long run when customers walk. Crypto is disruptive technology and banks/institutions will pay for their actions in the long run by losing out.
The bank I have overseas is HSBC and have had that account for around 30 years yet I cannot use the account for anything crypto related. This has held me back in so many ways when it comes to various investments. Once I travel again I will be happy to close the account and move to a friendlier option.
I do think the banks stance as it is not only HSBC, but all banks have held Crypto back as it is the same story here in South Africa. This is delaying the inevitable and in the long run this will harm their business as they have lost me as a customer. My mind is already made up and has been for some time to get out of FIAT 100% and live and use Crypto for everything. I honestly cannot wait for that day and it will be soon.
This is one of the reasons I was happy to go big into COTI and for what they offer as they are a registered bank for Crypto. COTI provides all the services including payment cards via Simplex. I see this changing once COTI rolls out their services and will take over all the banking duties themselves.
Currently all rewards in the treasury can be forwarded at the click of a button onto your debit card which is what sold me 100%. That option is currently only available to the EU investors which will change soon hopefully. This would make life far simpler as this will open up the ability to using crypto daily for your needs.
I was tempted by Crypto.com and Binance cards, but that is not a hassle free option as again is is not available in South Africa (Binance). Crypto.com has stipulations of x amount staked plus the APR being offered doesn't come close to COTI's. The investments I have selected are to keep for the long term so moving between exchanges seems like a waste in fees and not something I would do. There is nothing straight forward available currently which is good in many ways as being unable to spend your Crypto makes you just save and grow even more.
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And yet the politicians of the world take campaign contributions from these banks.
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Yes they do and no wonder things have been manipulated so much.
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They love it.
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IF they do not block crypto most of them could be out of business by now.
Control, Control Control
!BEER
Yes many would have but I suspect they will find an angle to still be in business. I really hate what they stand for and can't wait to not use them.
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BEER.Lol that Commonwealth Bank made the list.
Little Aus is growing up and heading out into the big bad world!
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Lol. I think all banks will be pinged for laundering at some time as it is easy money if you can get away with it.
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The legacy fiat banks are the final gatekeepers before we achieve complete and total financial sovereignty. They exist to steal wealth from hardworking people who only wish to protect their purchasing power. I haven't ever had a savings account, in over 30 years, and I don't intend on opening one. I use a checking account only as a pass-through, I would never trust a bank to actually safeguard my money.
As we have seen with ample evidence, the business model of the US-based Big 5 banks (Goldman, Citi, JP Morgan Chase, BofA, and Morgan Stanley) is fraud. They siphon off tens of billions of dollars a year in overdraft fees, ontop of creating tons of fake accounts that are fraudulent.
They do this with impunity because the banks own and control the US federal government at every level, every department. Where else would the war machine get its unlimited financing from, if the banks weren't there to happily hand over deposits?
The only answer to this issue, is to inspire global bankruns, that is the only way to grab the attention of the banks, and then strangle them til they have nothing left but corporate clients and no consumer deposits. Then the healing can begin.
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