Royal Bank of Canada BANS ALL Cryptocurrency Transactions!

[OrlandoLasso]

My bank, RBC has banned all transactions involving crypto.  I can't even fund my Coinsquare account with my debit card anymore.
This is the response I got when I emailed them about it:

"The cryptocurrency environment is continuously evolving. After carefully reviewing the current regulatory, risk, and external environmental factors around cryptocurrency, we've elected to stop facilitating transactions involving cryptocurrency. We will continue to monitor these factors going forward."

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[squallw]

My bank, RBC has banned all transactions involving crypto.  I can't even fund my Coinsquare account with my debit card anymore.
This is the response I got when I emailed them about it:

"The cryptocurrency environment is continuously evolving. After carefully reviewing the current regulatory, risk, and external environmental factors around cryptocurrency, we've elected to stop facilitating transactions involving cryptocurrency. We will continue to monitor these factors going forward."

Many countries is fighting against bitcon and cryptos.
In fact, bankers and government will always fight agains, it is like the regular taxi against uber and telecom companies against messagers/voip.

But in the end, they will lose the war. Like uber and messagers that dominates the market almost around the world, crypto will do same. But the bankers/government is stronger and harder to defeat, but in some years it will be done.

[Meysa_richa]

Statements such as these are very detrimental to users of cryptocurrency in Canada, should the government be able to be positive about crypto and supervise in a useful way.

[elisabetheva]

My bank, RBC has banned all transactions involving crypto.  I can't even fund my Coinsquare account with my debit card anymore.
This is the response I got when I emailed them about it:

"The cryptocurrency environment is continuously evolving. After carefully reviewing the current regulatory, risk, and external environmental factors around cryptocurrency, we've elected to stop facilitating transactions involving cryptocurrency. We will continue to monitor these factors going forward."

Many countries is fighting against bitcon and cryptos.
In fact, bankers and government will always fight agains, it is like the regular taxi against uber and telecom companies against messagers/voip.

But in the end, they will lose the war. Like uber and messagers that dominates the market almost around the world, crypto will do same. But the bankers/government is stronger and harder to defeat, but in some years it will be done.

the great hope that you put forward can be realized well because indeed progress on crypto will not be avoided, hopefully this era of crypto awakening.

[cherryscarlett]

Because the cryptocurrency market could have a big impact on the traditional banking industry.
So Banks may ban bitcoin transactions, but blockchains and bitcoins are a future trend.
The bank is suicidal by themself.

[pooya87]

then it is time to change your bank!
it is simple, when a bank that you are using stops offering the service that you wanted to use, then you simply switch to another bank that does offer that service. other banks may not have the same rules, and i know that some of them are even offering cryptocurrency related services such as a cryptocurrency vault in  Pacific & Western Bank of Canada.

[tokenomics]

Every country has the right to allow, support and participate in the cryptocurrency hype. And so as every country has the right not to for a lot reasons. Recently, Royal Bank of Canada (RBC), the country's second-largest bank by assets, determined that it would allow cryptocurrency transactions only "in limited circumstances," although it did not ban digital currency purchases for its users outright.

[TepungBeras]

This is very bad news and this is very detrimental to users of cryptocurrency, better Canada looking for solutions that can be equally beneficial for both parties.

[leonair]

The 'SO WHAT' mentality will do here, trust me.

If your bank already banned Cryptocurrency transactions then move on to another ways of funding your crypto assets, after all there a lot of ways to do that. We can blame banks to make regulations against cryptocurrencies but we can't stop them because we all know that if it will prosper along the way then it will eventually kill the banking industry also so they're maybe slowing it down to think a way for them to survive in the near future. For me this is a positive thing because banks only showcases the greatness of cryptocurrency that they are not willing to support it.

[OrlandoLasso]

Every country has the right to allow, support and participate in the cryptocurrency hype. And so as every country has the right not to for a lot reasons. Recently, Royal Bank of Canada (RBC), the country's second-largest bank by assets, determined that it would allow cryptocurrency transactions only "in limited circumstances," although it did not ban digital currency purchases for its users outright.

The Royal Bank did outright ban its clients from buying Crypto.  I was able to use Coinsquare until last week.  Their debit and VISA cards don't work anymore. 

[ASHLIUSZ]

From Canada one of the bank making a ban upon cryptocurrency related transactions is a bad news to the growing industry. Canada is one among the country that has got large number of users than many other countries. Maybe this could be a start of regulating bitcoin usage in Canada as well.

[olubams]

My bank, RBC has banned all transactions involving crypto.  I can't even fund my Coinsquare account with my debit card anymore.
This is the response I got when I emailed them about it:

"The cryptocurrency environment is continuously evolving. After carefully reviewing the current regulatory, risk, and external environmental factors around cryptocurrency, we've elected to stop facilitating transactions involving cryptocurrency. We will continue to monitor these factors going forward."

This is really a bad one coming from the bank at this time. But would like to know the position of the central bank of Canada's position on the issue of crypto because if they have not taken a position then the bank is just acting up which gives you the option of opening another bank account in another bank and you can just go ahead and carry out your trasactions otherwise, you have to think of ways of carrying out your transactions under the radar or transacting abroad.

[stompix]

The 'SO WHAT' mentality will do here, trust me.

If your bank already banned Cryptocurrency transactions then move on to another ways of funding your crypto assets, after all there a lot of ways to do that. We can blame banks to make regulations against cryptocurrencies but we can't stop them because we all know that if it will prosper along the way then it will eventually kill the banking industry also so they're maybe slowing it down to think a way for them to survive in the near future. For me this is a positive thing because banks only showcases the greatness of cryptocurrency that they are not willing to support it.

And if the method runs out before that?
Id there is no bank to turn to in order to buy crypto before crypto totally overtakes banks?
What then?

Trade locally via localbitcoins? With that difference to the actual price?
Try the so called decentralized exchanges that are more of a farce than an exchange?

No, the "so what" mentality will only work to deny reality and to think that by ignoring them problems will go away.

[avikz]

My bank, RBC has banned all transactions involving crypto.  I can't even fund my Coinsquare account with my debit card anymore.
This is the response I got when I emailed them about it:

"The cryptocurrency environment is continuously evolving. After carefully reviewing the current regulatory, risk, and external environmental factors around cryptocurrency, we've elected to stop facilitating transactions involving cryptocurrency. We will continue to monitor these factors going forward."

That's sad! Even India has started taking such steps. The Reserve Bank of India issues a notice to all banks to wind up their positions from facilitating crypto related businesses. So crypto related businesses are not able operate their bank accounts and eventually thinking of moving abroad to a crypto friendly country. I hope some businesses in Canada takes this matter to court just like some businesses in India did.

However, government knows that they can't actually fight cryptos. That is the reason why they are taking such stringent measures and trying to remove cryptos from the root. But the governments are not realizing that, they are loosing an opportunity of the future. While countries with progressive mindset like Japan and Germany have started benefiting from it, some countries are showing primitive mindset of controlling things. 

[rumexx]

Nobody should lose sleep over this news. It is normal because banks are fighting to protect their work and their business. The government and their agents (banks) will continue to try all they can to kill bitcoin and crypto. This war started since lasts quarter of last year till present time but Bitcoin has remain resolute and strong in the face of all these attacks.

[Ilegendph]

My bank, RBC has banned all transactions involving crypto.  I can't even fund my Coinsquare account with my debit card anymore.
This is the response I got when I emailed them about it:

"The cryptocurrency environment is continuously evolving. After carefully reviewing the current regulatory, risk, and external environmental factors around cryptocurrency, we've elected to stop facilitating transactions involving cryptocurrency. We will continue to monitor these factors going forward."

Many countries is fighting against bitcon and cryptos.
In fact, bankers and government will always fight agains, it is like the regular taxi against uber and telecom companies against messagers/voip.

But in the end, they will lose the war. Like uber and messagers that dominates the market almost around the world, crypto will do same. But the bankers/government is stronger and harder to defeat, but in some years it will be done.

For me its still a small news because unlike china who holds the largest hash power overcome their government regarding this matter. I suspect that they ban cryptocurrency because their banks are implementing their own blockchain technology which I think is dangerous because it will hold less transaction rate and susceptible to cyber attacks.

[berrygood]

Actually all of these bans are temporary and unimportant, its about regulations, crypto is evolving very fast but regulations are slowly coming into the market so banks have to wait for some clarity.

[johnwest]

I guess Canada watched till now and when countries like India are taking strict actions with their banks transacting with Crypto then many will start doing the same. The common Joe needs to understand and start using bitcoin then govts will come after.

[stompix]

I guess Canada watched till now and when countries like India are taking strict actions with their banks transacting with Crypto then many will start doing the same. The common Joe needs to understand and start using bitcoin then govts will come after.

Yeah 1000% sure.
Canada is following India, as India is probably the economic model that everybody should follow.
/sarcasm

It's not CANADA!!!

It's one bank in Canada (although the largest indeed), this is not a decision by the central bank, the government, the parliament, the finance minister or anybody else.

However, government knows that they can't actually fight cryptos. That is the reason why they are taking such stringent measures and trying to remove cryptos from the root. But the governments are not realizing that, they are loosing an opportunity of the future. While countries with progressive mindset like Japan and Germany have started benefiting from it, some countries are showing primitive mindset of controlling things. 

.

Again, what actions by the government are you talking about?

[Crypto one]

My bank, RBC has banned all transactions involving crypto.  I can't even fund my Coinsquare account with my debit card anymore.
This is the response I got when I emailed them about it:

"The cryptocurrency environment is continuously evolving. After carefully reviewing the current regulatory, risk, and external environmental factors around cryptocurrency, we've elected to stop facilitating transactions involving cryptocurrency. We will continue to monitor these factors going forward."

Sounds like you need to move to a new bank, however you might be able to use your credit card on other crypto exchanges, you can also try money transfer, it will just take a few more days before your money get there.
Bitcoins ATM's are also a possibility.