Fiat banks and the government.

[alpamar99]

It is obvious that is their goal, the question is are they going to achieve it? And I think the answer is no, if I am not mistaken Nigeria is one of the countries in which the use of bitcoin has increased due to the pandemic, obviously the government is worried about this because it means those people could stop using their fiat and as such they want to put a stop to this, but what they do not understand is that people will see this and will take it as a signal to reduce their usage of fiat as the government is trying to stop them from trading and exchanging bitcoin when they are not doing anything wrong with that bitcoin.

that's right, even if they use all means to ban it, but in the end everything will still return to bitcoin because this is undeniable.
the example you gave is very clear and it's true this is a good momentum for them to reduce the use of fiat they do.
Indirectly, it is the government itself that makes fiat even more unpopular

The issue many people have with this is the fact governments are trying to impose their will on the citizens, they do everything they can to cheat their population with their fiat currencies and then when people turn a back to them as they are losing their wealth at a fast speed they get mad about it, but what were they expecting? This is a process that has repeated through all history and the results are always the same, and even if bitcoin did not existed people would use gold or any other means to trade and store their wealth and stay away from fiat.

this reminds me of china and india

On the other hand, the government's intention looks like a good thing by giving all the existing lures, but in fact they are the ones who create a monopoly by rolling money from the public and returning it to them in other forms, either as credit or loans.
and this business is very smooth because they don't need to use the money they have because all the assets that are played are actually people's money themselves

[topbitcoin]

Can the banks challenge the policies from the government? Are the banks working for the people or the government? is there any possibility that banks can operate freely entirely from government policies?

(Read news article here)

Any legal companies will obey with government rules, they wouldn't dare to be againts government if not want their company to be closed. Simple example, nowadays some centralized exchanges ask us to do KYC, and i think they do that because force from government too.

[Zilon]

Can the banks challenge the policies from the government? Are the banks working for the people or the government? is there any possibility that banks can operate freely entirely from government policies?

(Read news article here)

I wouldn't blame the bank because they are operating based on government regulated policies and their license comes from the same government and so they just have to take orders from this regulated bodies.

Like wise the government are fighting hard to stop crypto because they fear losing out control of their citizens funds and as such can't decide what goes around in the economy. If we should be practical a bit banks had a return of investment after crypto currency became a global business option and so both parties are collaborating to see how they reduce crypto investors to its minimal which can't happen no matter the treat

[Wipeout2097]

Usually best time for bank to appear adaptability in their regulations and take after the assent of the populace and potential clients. It is difficult for the bank to go against the government, but in the event that interior the banks have an honest official who needs to donate the finest administrations to their clients, and legitimate official can dissent the government. But still, they are not as well solid against the government, particularly in case they are not as well huge to compare to the government who needs to utilize the ancient way.Govrnmeent ought to center on th positive side of the crypto and make rules to minmize the dark showcase of crypto.

[Oasisman]

Can the banks challenge the policies from the government? Are the banks working for the people or the government? is there any possibility that banks can operate freely entirely from government policies?

(Read news article here)

Any legal companies will obey with government rules, they wouldn't dare to be againts government if not want their company to be closed. Simple example, nowadays some centralized exchanges ask us to do KYC, and i think they do that because force from government too.

That's how government works. They tend to control everything especially when there's money involved.
Government didn't force these exchange to implement KYC verification, it's a way of regulating it and the government set a policy/rules to prevent fraud. The Exchange could actually refuse the KYC verification but it might need a lot of explanations and paperworks why they want to contest the regulations or else they can operate illegally.

[Davidvictorson]

A recent situation in my country where the banks have been instructed to block accounts related/associated with crypto trading has prompted me to start thinking if these banks are actually happy carrying out government policies against their customers, because some of them seem not too happy about it but look to have little or no choice on the matter.

Can the banks challenge the policies from the government? Are the banks working for the people or the government? is there any possibility that banks can operate freely entirely from government policies?

(Read news article here)

I feel this is part of greater effort by the powers that be, to squeeze the crypto markets away from decentralisation and to have some kind of control.  The individual crypto currencies can be decentralised, but the exchanges themselves can be used to effectively control those decentralised cryptos

[molsewid]

That's how government works. They tend to control everything especially when there's money involved.
Government didn't force these exchange to implement KYC verification, it's a way of regulating it and the government set a policy/rules to prevent fraud. The Exchange could actually refuse the KYC verification but it might need a lot of explanations and paperworks why they want to contest the regulations or else they can operate illegally.

That's the main role of government, creating rules and regulation and imposing it to the people and following on the legal rules applied is mandatory so it would be impossible for a central banks regulated by the government to go against the policy even if they seemed to be open to accept crypto transactions. I maybe less thinking that the government wanted to implement rules just because of they wanted to have a full control on digital finances but having a full control for the safety of the people and the finances of the country is their main priorities.

[freedomgo]

That's how government works. They tend to control everything especially when there's money involved.
Government didn't force these exchange to implement KYC verification, it's a way of regulating it and the government set a policy/rules to prevent fraud. The Exchange could actually refuse the KYC verification but it might need a lot of explanations and paperworks why they want to contest the regulations or else they can operate illegally.

That's the main role of government, creating rules and regulation and imposing it to the people and following on the legal rules applied is mandatory so it would be impossible for a central banks regulated by the government to go against the policy even if they seemed to be open to accept crypto transactions. I maybe less thinking that the government wanted to implement rules just because of they wanted to have a full control on digital finances but having a full control for the safety of the people and the finances of the country is their main priorities.

Exactly. The government should always look for the welfare of its citizens so they tend to control all the activities particularly with money involvement to avoid fraudulence and scams but sad to say in some instances the government itself creates fraud. That's how government works, not just to protect our own interests but also to protect theirs.

However, with banks go against the rules of the government, i don't think it's possible even if some really want to. Banks have no choices so they should always abide with the government's rules if they want to continue serving the people and continue operating legally.

[GeorgeJohn]

I think that's threat from government over anybody that is using bitcoin, because i know very well if country is hundred percent (%100) populated, at list fifty percent (%50) is aware of cryptocurrency and definitely they are using it, so is not possible for government of a country block her citizens Bank account because they are using bitcoin, i think it's impossible and it can't happen.

[LUCKMCFLY]

The government certainly wants to fully control the money and the country's economy so that the presence of banks is a tool to realize full control, although private banks of course they must always provide real time reports of all transactions to the central bank and this is what makes me believe that the hope of replacing banks with crypto will not be able to happen because the state will protect the banks.

Banks are not standing still, they are moving to include Bitcoin and be able to offer their clients credit plans based on BTC and some in alternative critical currencies, I think that both BBVA and Santander Group are giving and giving many options to be able to operate with BTC, in fact even JP Morgan had to accept the fact that he needs cryptocurrencies and Bitcoin due to the demands of his clients, which was when madness said that the true price of BTC should be $ 35k, when at that time it was around the $ 62k.

[josephdd1]

Can the banks challenge the policies from the government? Are the banks working for the people or the government? is there any possibility that banks can operate freely entirely from government policies?

I think that paradoxically, banks work for the government, not for the people. The government want to control people, especially their finances and they exercise it through banks. If banks operate freely entirely from government policies, they are closed. The authorities don't approve of crypto as it is uncontrolled, but they don't want to lose control over money.

[witcher_sense]

It is because the State had managed to obtain full control over people's money stored in banks, that banks now have to comply with the rules the State imposes. He who controls the money controls everything, the banking system included. If people had money completely independent from the government, if they had full financial freedom, they would have an option where to store their money. They wouldn't be holding their independent money in government-dependent vaults. They would be choosing banks-warehouses that aren't subject to government regulations. It would make these companies-warehouses attractive, and traditional banks obsolete. By the way, CBDCs, which are being created right now by central banks, also will make traditional banks obsolete. So, banks either change their business model or die. It may well be they start to offer bitcoin to their clients instead of fiat, to which they will lose access anyway.

[timerland]

They are all part of the same ecosystem.

The fiat system is inevitably linked with the current political system, which is based on centralization.

They do not like the idea of bitcoin decentralizing the control away from them, which is why there are so many AML/KYC restrictions placed upon BTC related transactions.

[romero121]

I think that's threat from government over anybody that is using bitcoin, because i know very well if country is hundred percent (%100) populated, at list fifty percent (%50) is aware of cryptocurrency and definitely they are using it, so is not possible for government of a country block her citizens Bank account because they are using bitcoin, i think it's impossible and it can't happen.

As said, it can be considered as a threat. The government is elected to do the people's need. Even when they're making policies, they should take the people into account. Everything have got positive and negative side.

A government should act wisely favouring the people. As mentioned, a government/bank blocking ones bank account for using bitcoin will make the user find an alternate way to use cryptocurrencies. Why to make people go for it, better is to regulate and support the necessity of technology.

[Silberman]

I feel this is part of greater effort by the powers that be, to squeeze the crypto markets away from decentralisation and to have some kind of control.  The individual crypto currencies can be decentralised, but the exchanges themselves can be used to effectively control those decentralised cryptos

Governments are experts at dealing with centralized enemies, this is something they have been doing since the they exist so it makes sense they are really good at it, so any point of centralization is a point of failure just waiting to be exploited, so centralized exchanges are going to be used to try to regain some kind of control over this market, however with the advent of decentralized exchanges then the control they can get indirectly through exchanges will not be anywhere near as complete as they expected.

[Finestream]

They are all part of the same ecosystem.

The fiat system is inevitably linked with the current political system, which is based on centralization.

They do not like the idea of bitcoin decentralizing the control away from them, which is why there are so many AML/KYC restrictions placed upon BTC related transactions.

Fiat banks are working under the rules and regulations of the government and since banks are backed with the government so they cannot go against with it, even if it sucks following all the government's policies. Banks are centralized and any institutions under the government will definitely be fully controlled by the government itself. And since the government wants to control all the activities of the people particularly in their finances, fiat banks have been put up so that people will trust them over their finances, and knowing that, this will all be certain to the one controlling the banks, the government.

[fullhdpixel]

I think that's threat from government over anybody that is using bitcoin, because i know very well if country is hundred percent (%100) populated, at list fifty percent (%50) is aware of cryptocurrency and definitely they are using it, so is not possible for government of a country block her citizens Bank account because they are using bitcoin, i think it's impossible and it can't happen.

As said, it can be considered as a threat. The government is elected to do the people's need. Even when they're making policies, they should take the people into account. Everything have got positive and negative side.

A government should act wisely favouring the people. As mentioned, a government/bank blocking ones bank account for using bitcoin will make the user find an alternate way to use cryptocurrencies. Why to make people go for it, better is to regulate and support the necessity of technology.

Have you ever seen a government in your entire life that considers only the good of the people? I mean even in a situation where they do something good, that is usually means they either got bribed to do that, or they want to get votes for doing that. I have never seen any political party, any politician in any nation that did something good just because they want the people of that nation to be doing better.

This is why I believe that anything related to banks, or crypto, or any financial situation will not be regulated based on what would be the best for general population, it would be based on how they could enrich themselves and get more powerful. This is why I lost hope for regular financial fiat world and got into crypto, because I know that I could be right but justice system would defend banks against me even if they are 100% guaranteed wrong, why? Because I am not powerful and they are.

[GbitG]

I think that's threat from government over anybody that is using bitcoin, because i know very well if country is hundred percent (%100) populated, at list fifty percent (%50) is aware of cryptocurrency and definitely they are using it, so is not possible for government of a country block her citizens Bank account because they are using bitcoin, i think it's impossible and it can't happen.

As said, it can be considered as a threat. The government is elected to do the people's need. Even when they're making policies, they should take the people into account. Everything have got positive and negative side.

A government should act wisely favouring the people. As mentioned, a government/bank blocking ones bank account for using bitcoin will make the user find an alternate way to use cryptocurrencies. Why to make people go for it, better is to regulate and support the necessity of technology.

Have you ever seen a government in your entire life that considers only the good of the people? I mean even in a situation where they do something good, that is usually means they either got bribed to do that, or they want to get votes for doing that. I have never seen any political party, any politician in any nation that did something good just because they want the people of that nation to be doing better.

This is why I believe that anything related to banks, or crypto, or any financial situation will not be regulated based on what would be the best for general population, it would be based on how they could enrich themselves and get more powerful. This is why I lost hope for regular financial fiat world and got into crypto, because I know that I could be right but justice system would defend banks against me even if they are 100% guaranteed wrong, why? Because I am not powerful and they are.

This is sad truth government's coming for peoples welfare but not doing anything related to this now I am also in 40s and I never have any government which is doing some better for common peoples in Third World countries they are bringing laws and regulations for their own sack and crypto is real for common peoples, so they are doing their all for stopping this and having regulations which prevent common peoples to never involve in this all because its can bring big changes in their lives which is not acceptable for them having some better technology and use of blockchain system is revolutionary, but they are not comfortable with this all now in many countries authorities bringing some strict policies for banks and financial institutes that peoples not do this all.

[GeorgeJohn]

The government is elected to do the people's need.

it's very obvious that government is for the people and by the government. The major objectives they are brought into power is to protect the interest of her nation not to innate a law that will not be favourable to the her people, that is the reason i said, that it's impossible for government to block everyone's bank account because of they are using cryptocurrency.

Have you ever seen a government in your entire life that considers only the good of the people? I mean even in a situation where they do something good, that is usually means they either got bribed to do that.

leadership is something versatile, and it's doesn't have one area of specialisation or concentration.
From my observation some government leaders really have the interest of their people at heart, it just the nation you are into you can explain better.

This is sad truth government's coming for peoples welfare but not doing anything related to this now I am also in 40s and I never have any government which is doing some better for common peoples in Third World countries they are bringing laws and regulations for their own sack and crypto is real for common peoples,

  actually the methods of leadership in government currently speaks negative about government, but those ancient days government were making provision for commoners, which i believe some countries still have such leaders that have the people at positive side of the heart.

[TinaK]

A recent situation in my country where the banks have been instructed to block accounts related/associated with crypto trading has prompted me to start thinking if these banks are actually happy carrying out government policies against their customers, because some of them seem not too happy about it but look to have little or no choice on the matter.

Can the banks challenge the policies from the government? Are the banks working for the people or the government? is there any possibility that banks can operate freely entirely from government policies?

(Read news article here)

Each government has different jurisdiction and government protect against fraud which is the bank was under by the government and banks are regulated by the government, they should always obey the government's law and regulation either. There's no way to challenge the government, it is understood that you should obey once you are a citizen but if not, you can move into other countries that never care about people, which is very common to have crimes every day because there is no government that has protected people.