SCOPTIABANK JOIN BANKS BANNING CRYPTOCURRENCY
Banks all over the world are making things difficult for crptocurrency transaction, scotiabank just joined the rank, customer can no longer buy bitcoin or any other cryptocurrency with a credit or debit card, Without doubt this is a problematic development,even though most traders will find a way around it yet its not one of the news they wish for.
Its strange to customers, to hear the sad news of scotiabank putting an end to purchasing cryptocurrencies with their credit and debit, this decision can be traced to the risk and regulatory factors which is rampant across the world,Canada is known to be crypto-friendly country and the government has made lots of step in regulating the market,until now there has never been any contrary opinion as to the transaction of bitcoin and other cryptocurrencies.
An email was sent to customers stating that all card-related purchases of cryptocurrencies, citizen believe this news will not make the Canadian government ban cryptocurrencies,its very unlikely.
clients believe the decision to ban cryptos transaction by scotiabank will soon be reversed, as the decision only seems to impact visa-branded payment card issued by scotiabank and its seems unclear if this decision was forced upon the bank by Visa Itself, it dosent affect regular checking accounts.
The future actually looks uncertain as to the stay of bitcoin and other cryptocurrencies, even though foreign companies are moving into the country to set up bitcoin mining businesses and local cities are embracing the business ideal, the news of scotiabanks threw a huge fear as other Canadian banks might want to follow suit, things can always evolve in either direction if banks makes cryptocurrencies transaction difficult, Nonetheless Stoping cryptocurrencies is not the ideal way to go about things, only time will tell as its grounds in the country.