Banks are now sending mass mailer to create negativity about cryptocurrency

[VitKoyn]

It's not shocking and it's normal that banks are always giving warning to people from using cryptocurrency, but I won't take it as a creation of negativity or an attack, we all know that investing in cryptocurrencies are riskier than other markets. In my country, the central bank (BSP) also warned people from investing in Bitcoin and other cryptocurrencies because they are highly volatile but there are no bad effects that makes other people here panic from selling their coins. We have to understand what banks are doing here and we should know how to differentiate an attack to cryptocurrency and the facts, because not all statements that banks are announcing have bad impact to crypto market, sometimes we are just being too emotional.

[Lucius]

There is no doubt that banks feel great fear and discomfort when it comes to cryptocurrency,and reason is very simple-they can not profit from something like that.Since banks exist only because of making profit anything which can deprive them of that profit are considered a threat.Probably part of the profit is already lost globally,sending e-mails to clients is just part of their strategy.

I think that the authorities in India should deal with much more serious problems of society,let's say the rights of womens which almost does not exist or how to provide worthy life of people(600 millions people do not have sewage network).

[rowel21]

I thought banks are ready to merged with crypto system cause they don't have a choice in the past TV news banks are making a bad comments in btc and just making hear say that this is just a way of scam  but suddenly lot of Banks saying that they ready to hug the cryptosystem

[BrewMaster]

this is India we are talking about and their government has been doing some shady financial stuff for the past couple of years and they are putting their people under a lot of financial pressure. of course they see bitcoin as a threat and will spread fear about it. they don't want people to have that option to escape the government tyranny.

[Raziel444]

Banks are getting alarmed in what decentralized cryptos could do to them, so it is expected from banks to such interventions to protect their business. we supporters should be firm and should not be affected with those negativity. we should also learn how to differentiate the real atracks to cryptos from advisories on the volatility of bitcoin and other altcoins.

[boybitcoin]

They hinder those people who would like to join bitcoin, what they did is a kind of discouragement to those who might want to join bitcoin, it could create a panic to those who wants to join.. but then not all banks are not favored to bitcoin some are not, in Philippines  BSP wants to be a part of the crypto currency..

[Roman Coinson]

Banks are very afraid of crypto-currency, although they don't understand that they could use the blockchain technology.

[warrior333]

this is India we are talking about and their government has been doing some shady financial stuff for the past couple of years and they are putting their people under a lot of financial pressure. of course they see bitcoin as a threat and will spread fear about it. they don't want people to have that option to escape the government tyranny.

The trouble is not that bankers in India or in other countries spread fud about bitcoins. This can not stop the spread of bitcoin. People are attracted to is not a cryptocurrency. They are attracted by the opportunities that cryptocurrencies provide to them. But bankers create problems for users of bitcoin and it can significantly complicate process of their distribution.

[peter0425]

I thought banks are ready to merged with crypto system cause they don't have a choice in the past TV news banks are making a bad comments in btc and just making hear say that this is just a way of scam  but suddenly lot of Banks saying that they ready to hug the cryptosystem

I don't know where you get that idea that banks is ready to merge with cryptos, on the contrary they are opposed on everything related to bitcoin and crypto. What they want to used is blockchain though, the underlying technology behind bitcoin. So that really ironic that they attack crypto's but they love the technology.

Anyways, I think that this will be a ongoing battle and no one will emerge as the winner here. As for us, I'm happy to take advantage of both. But banks should not be threatened though, because crypto cannot make them obsolete because they are already a established system.

[ololajulo]

Cryptocurrency has always been a threat to the banking sectors and most of the leading bodies of the banking sector in each country had usually reacted to the adoption on cryptocurrency. However, the nature of cryptocurrency limits their influence but they still use their small range of influence such as exchanges in their countries, to prevent conversion to fiat. It might take time to be convincing but the companies coming out ICOs for every county will educate the populace on the adoption advantages

[tomahawk9]

What a sensationalist and misleading title.

First, you said "Major global banks" and "organized effort undertaken by the banks", making it sound like there's a worldwide crackdown on Bitcoin yet it's only one bank who sent an email/warning back in December 2017.

Second, what negativity? I know how some banks have been attacking Bitcoin and some others don't like anything related to cryptocurrencies but, in this case, the RBI is concerned and it's simply trying to warn their customers so they can be cautious around cryptos. Cryptocurrencies isn't something to be taken lightly, if people aren't careful and don't consider the risks involved when dealing with cryptos, they can lose their money. So, I don't see any negativity from what you posted.

Came in expecting to read something serious but, instead, fell for a clickbait/misleading title.

[Juggy777]

Major global banks have already cleared their intention towards crypto currency by spreading negative news about it.

This is an organized effort undertaken by the banks to discourage general people from the crypto currency. I don't know what legal grounds they have but it is clear that they are considering crypto currency as a potential risk to their business. If this continues, it will be hard for the community to attract new investors.

This is a bank of an Asian country, which has time and time again declared it's intention of being negative towards bitcoins, they're not banning it but trying to create fud and cause price drops by such unwarranted statements. It is pertinent to note here some global banks are also indulging in this kind of shady behaviour, which confirms our fact that banks consider bitcoins as it's rival mistress and they're jealous.

Sigh, nothing can be done except to find a bank which allows this transactions lol.

[krishnapramod]

Since Arun Jaitley's budget speech, a few major banks had suspended accounts of top Bitcoin exchanges. Although the Indian government has been issuing warnings since 2013 to avoid investing in cryptocurrencies, so far the stance has been somewhat neutral to borderline negative, but with no clear directives from the government/RBI, some banks especially the private sector banks are barring exchanges from using their services and banning crypto purchases via cards, can call it an organized effort or precaution/aggressive approach in the absence of any clear mandate. Exchanges are forced to use services of smaller banks and it's business as usual, but this uncertain regulatory stance from the government is affecting trading volumes and entry of new investors into the crypto market. This will continue until the government comes up with clear regulations on cryptocurrencies and exchanges.

[munareal]

This is good for crypto community because it shows the fear they have for it not only that it creates awareness for crypto currencies even though is  negative presently but that will change over time

[SaiWAFU]

Banks traditionaly regulates transactions. Since bitcoin became popular and it became as an alternative way to transact banks profits became less, since banks earn from their clients.

Don't need to be alarmed but this kind of news still affects bitcoin.

[WannaCry]

I really think that banks are scared of cryptocurrency. Most people are choosing to invest in cryptocurrency instead of saving their money in banks because it is way more profitable than saving all your money in the bank. Banks are losing their customers and they are disbursing a lot of money because people are withdrawing their money in their bank accounts just to invest in crypto.

[Shafiqul Islam]

Nothing new I think. The email just reminding you that virtual currencies, including crypto and Bitcoin, are risky and has not been legalize yet by your government. I really don't see any negativity from the email.

Bank doesn't accept or deal with bitcoin because they can't get any trading and transactions fee because bitcoin trading with online exchanges platform. They show negative idea and impact on bitcoin.

[avikz]

What a sensationalist and misleading title.

First, you said "Major global banks" and "organized effort undertaken by the banks", making it sound like there's a worldwide crackdown on Bitcoin yet it's only one bank who sent an email/warning back in December 2017.

Second, what negativity? I know how some banks have been attacking Bitcoin and some others don't like anything related to cryptocurrencies but, in this case, the RBI is concerned and it's simply trying to warn their customers so they can be cautious around cryptos. Cryptocurrencies isn't something to be taken lightly, if people aren't careful and don't consider the risks involved when dealing with cryptos, they can lose their money. So, I don't see any negativity from what you posted.

Came in expecting to read something serious but, instead, fell for a clickbait/misleading title.

Sorry, if you felt that way! But this is not something from the past. RBI issued such warning in December 2017 but this email came only today. This is from one of the major banking player from India. When I talk about major global banks, it means JPM, Lloyds, PBOC etc. But when I checked this email today morning, I was worried because this kind of emails are enough to create confusion in people's mind. This kind of emails can actually slow down the growth of crypto currency in India.

[Kprawn]

Nothing new I think. The email just reminding you that virtual currencies, including crypto and Bitcoin, are risky and has not been legalize yet by your government. I really don't see any negativity from the email.

Have you read the email? Would you invest in Crypto currencies after you read that email? This is just another reason why

central authorities like this needs to be destroyed. They will misuse their power to "brain wash" people into believing that

they are the only real solution. Banks are the most corrupt industry in this world and the government supports them. 

[daarul50]

All crypto users already know how the risks of investing and bitcoin transactions. Naturally, some banks remind their customers to be careful to make transactions using bitcoin. The email is actually very good because the bank has reminded us to continue to be careful using bitcoin as an asset in investing. We should be grateful when we are reminded like this so we can be more careful in storing digital assets that we have in a virtual wallet to always use the security available.
For those who do not understand crypto maybe they will feel confused when getting such emails but maybe also they will be curious and find information about bitcoin and hopefully the curiosity makes them interested in using bitcoin as an investment and use it as a method of payment. The email also I think to be a positive thing because indirectly the email has become a promotional material to introduce bitcoin to its customers.