Fiat banks and the government.

[TelolettOm]

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.

Exactly  banks have complex regulations not only under the governement of a country but also under the world banks. And world bank really has a big power to do many things.
Fiat banks are centralized systems.
And they will also not let decentralized bank systems to defeat.
We have seen in many countries where cryptocurrency and also decentralized finances are against the government because they cannot control them. Yes, that is why the government will still maintain fiat banks whatever happen because they can regulate and control the banks. And moreover right now there is issue of Cbdc that can make a country have more interests

[CaVO32]

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.

Exactly  banks have complex regulations not only under the governement of a country but also under the world banks. And world bank really has a big power to do many things.
Fiat banks are centralized systems.
And they will also not let decentralized bank systems to defeat.
We have seen in many countries where cryptocurrency and also decentralized finances are against the government because they cannot control them. Yes, that is why the government will still maintain fiat banks whatever happen because they can regulate and control the banks. And moreover right now there is issue of Cbdc that can make a country have more interests

And up until now, I don't think we need to aim for replacing fiat banks because they will always be the priority of most governments. This is how they can control their financial aspect because if they go into crypto, it will be chaotic. So centralized systems is really necessary for them to be organized. Fiat banks and government work together, and that's a fact. So just be glad crypto can co-exist with fiat banks and we can enjoy the benefits of both systems.

[n0ne]

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.

No way to challenge the government, they're supposed to comply with the regulatory laws by the government. Whether it is bitcoin or some other cryptocurrencies, people should have the freedom to use it.

Even if it is a foreign bank having its service in other country, it agrees to the law and all procedures followed within the country. With time governments will realise and create framework that make bitcoin get used through banks which is found in very small number around the world.

[AndySt]

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.

Exactly  banks have complex regulations not only under the governement of a country but also under the world banks. And world bank really has a big power to do many things.
Fiat banks are centralized systems.
And they will also not let decentralized bank systems to defeat.
We have seen in many countries where cryptocurrency and also decentralized finances are against the government because they cannot control them. Yes, that is why the government will still maintain fiat banks whatever happen because they can regulate and control the banks. And moreover right now there is issue of Cbdc that can make a country have more interests

In principle, cryptocurrencies and decentralized finance can get along quite well with fiat banks and there are no insurmountable contradictions in this matter. It's like a question of coexistence in the market of huge corporations, small companies and small businesses. There are some points of contact here, as well as completely different fields of activity that involve different specialization. In any case, regulation in the financial and banking sector is handled by the government and it will always have the last word, no matter what other opinions we have on this matter. Therefore, it is quite difficult or almost impossible to imagine a situation where banks will act against the state and policy in this area. It's just that while cryptocurrencies and decentralized finance are a new phenomenon and government agencies have not yet decided on the schemes of interaction in this area, but in any case, these schemes will be found and let's hope that they are quite favorable.

[Botnake]

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.

No way to challenge the government, they're supposed to comply with the regulatory laws by the government. Whether it is bitcoin or some other cryptocurrencies, people should have the freedom to use it.

Even if it is a foreign bank having its service in other country, it agrees to the law and all procedures followed within the country. With time governments will realise and create framework that make bitcoin get used through banks which is found in very small number around the world.

There’s nowhere to go for bitcoin but to be adopted soon in the banks as more people are now aware of bitcoin existence and how it will contribute much on individual’s economy. Banks will definitely agree on integrating  fiat transaction with crypto in the long run because that’s what most of the people are looking forward to be realized.

However, banks are always associated with government’s laws and policies so even if they go against with the government, they will still not succeed as they are fully controlled by it. So it’s either they will be forced to close their establishment or continue their banking operation.

[Silberman]

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.

Exactly  banks have complex regulations not only under the governement of a country but also under the world banks. And world bank really has a big power to do many things.
Fiat banks are centralized systems.
And they will also not let decentralized bank systems to defeat.
We have seen in many countries where cryptocurrency and also decentralized finances are against the government because they cannot control them. Yes, that is why the government will still maintain fiat banks whatever happen because they can regulate and control the banks. And moreover right now there is issue of Cbdc that can make a country have more interests

And up until now, I don't think we need to aim for replacing fiat banks because they will always be the priority of most governments. This is how they can control their financial aspect because if they go into crypto, it will be chaotic. So centralized systems is really necessary for them to be organized. Fiat banks and government work together, and that's a fact. So just be glad crypto can co-exist with fiat banks and we can enjoy the benefits of both systems.

Replacing banks and fiat currencies has never been a goal of bitcoin, bitcoin was created with the intention of giving people the option to make transactions all over the world without the intervention of a third party, and this is something that bitcoin had begin doing since day one, so it is not necessary for the development of bitcoin to replace banks or anything like that, would that be a welcome outcome by me? Yes, but I am realistic and I know governments are never going to allow something like this.

[jaberwock]

Replacing banks and fiat currencies has never been a goal of bitcoin, bitcoin was created with the intention of giving people the option to make transactions all over the world without the intervention of a third party, and this is something that bitcoin had begin doing since day one, so it is not necessary for the development of bitcoin to replace banks or anything like that, would that be a welcome outcome by me? Yes, but I am realistic and I know governments are never going to allow something like this.

Yeah, it’s very clear that cryptocurrency is not going to be replacing the banks at all. The only thing is that the government will keep trying as much as possible to see if they can regulate the cryptocurrency market/ecosystem. They are able to regulate part of it, because of the centralized exchanges that we have now. Why they are still unable to take over the whole ecosystem is because the market has become really huge now with miners across the world, and so many people making use of decentralized exchanges.

If it was very easy, then they would have have done everything possible to put an end to the cryptocurrency we known today. Finally, bitcoin has its own and I believe that it is accomplishing that, while fiat and the banks are on a different lane.

[jostorres]

it’s very clear that cryptocurrency is not going to be replacing the banks at all. The only thing is that the government will keep trying as much as possible to see if they can regulate the cryptocurrency market/ecosystem. They are able to regulate part of it, because of the centralized exchanges that we have now. Why they are still unable to take over the whole ecosystem is because the market has become really huge now with miners across the world, and so many people making use of decentralized exchanges.

If it was very easy, then they would have have done everything possible to put an end to the cryptocurrency we known today. Finally, bitcoin has its own and I believe that it is accomplishing that, while fiat and the banks are on a different lane.

I do agree that banks and politicians could get together and try to destroy what we have in the crypto world, but I also believe that there is a good chance we may never have anything even remotely similar to that as well. I can't predict what they will do, I am assuming that they would be doing a lot of things to stop it, but then they do not even try.

I get that they may fail even if they try but I assumed they would at least try to ban it at least. Look at china, they keep having these "crypto is banned" news all the time and it sort of works, sure they can't stop it, but they are at least trying to do it, which means that other nations could try to ban it as well, and yet we do not see them trying that at all.

[Fatunad]

it’s very clear that cryptocurrency is not going to be replacing the banks at all. The only thing is that the government will keep trying as much as possible to see if they can regulate the cryptocurrency market/ecosystem. They are able to regulate part of it, because of the centralized exchanges that we have now. Why they are still unable to take over the whole ecosystem is because the market has become really huge now with miners across the world, and so many people making use of decentralized exchanges.

If it was very easy, then they would have have done everything possible to put an end to the cryptocurrency we known today. Finally, bitcoin has its own and I believe that it is accomplishing that, while fiat and the banks are on a different lane.

I do agree that banks and politicians could get together and try to destroy what we have in the crypto world, but I also believe that there is a good chance we may never have anything even remotely similar to that as well. I can't predict what they will do, I am assuming that they would be doing a lot of things to stop it, but then they do not even try.

I get that they may fail even if they try but I assumed they would at least try to ban it at least. Look at china, they keep having these "crypto is banned" news all the time and it sort of works, sure they can't stop it, but they are at least trying to do it, which means that other nations could try to ban it as well, and yet we do not see them trying that at all.

They can combine all they want if they are tending to destroy their market then they would surely fail off and this had been proven out by this market that it cant really be

possible to get rid of crypto and for sure they've been already trying for how many years already in silent but still we dont see any effects when it comes to this.

Manipulative things could be done though and some regulation tighten into those platforms but this doesnt mean that it could be stopped nor get rid of it.

[awik p]

it’s very clear that cryptocurrency is not going to be replacing the banks at all. The only thing is that the government will keep trying as much as possible to see if they can regulate the cryptocurrency market/ecosystem. They are able to regulate part of it, because of the centralized exchanges that we have now. Why they are still unable to take over the whole ecosystem is because the market has become really huge now with miners across the world, and so many people making use of decentralized exchanges.

If it was very easy, then they would have have done everything possible to put an end to the cryptocurrency we known today. Finally, bitcoin has its own and I believe that it is accomplishing that, while fiat and the banks are on a different lane.

I do agree that banks and politicians could get together and try to destroy what we have in the crypto world, but I also believe that there is a good chance we may never have anything even remotely similar to that as well. I can't predict what they will do, I am assuming that they would be doing a lot of things to stop it, but then they do not even try.

I get that they may fail even if they try but I assumed they would at least try to ban it at least. Look at china, they keep having these "crypto is banned" news all the time and it sort of works, sure they can't stop it, but they are at least trying to do it, which means that other nations could try to ban it as well, and yet we do not see them trying that at all.

we don't know what the real purpose of china is by always giving bad news on cryptocurrencies as it is today. if many countries do the same as china maybe the growth of crypto can be suppressed, but this is not done by many countries, in my opinion crypto is a technological development that is not easy to stop, so many countries are still waiting for further developments to make clearer regulations .

[alpamar99]

we don't know what the real purpose of china is by always giving bad news on cryptocurrencies as it is today. if many countries do the same as china maybe the growth of crypto can be suppressed, but this is not done by many countries, in my opinion crypto is a technological development that is not easy to stop, so many countries are still waiting for further developments to make clearer regulations .

Isn't the reason very clear that they want to create their own economy and want to make their country replace the superpowers in the economic sector and try to be the king of all that is related to finance.
if likened to crypto itself is an independent part that is not bound by any law and they do not like this.
even if it can be suppressed but I'm not sure it will take long because indeed regulations will always change over time

[Cling18]

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 think most banks has their own policies and the government has nothing to do with accounts that they block or restrict due to crypto transactions. As for me, they're just trying to control fraudulent transactions. However, there are also trusted banks that don't do account blocking and liquidate crypto transactions. I think we should only pick trusted banks.

[Ebede]

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.

Government is controlling the money already and we can not  do nothing over government taking control of country economical system and talking of the central and other banks the branch banks is accountable to the central of any country and other countries have central bank.

[Coyster]

I think most banks has their own policies and the government has nothing to do with accounts that they block or restrict due to crypto transactions. As for me, they're just trying to control fraudulent transactions. However, there are also trusted banks that don't do account blocking and liquidate crypto transactions. I think we should only pick trusted banks.

I don't think you quite understood the OP, and mind you that banks are accountable to the federal government through the central bank, and take direct orders/policies/sanctions from them, it's not a case of reputable bank or not, there is actually nothing like that, every bank goes through rigorous scrutiny before they become established and once the required standards are met, then they are free to operate and are safe, secure and reputable. Having said that, banks aren't arbitrarily making decisions to block accounts related to crypto transactions, they actually do not even have the sole power to do so, they are taking the instruction and directive from the government through the central bank which they answer to. If Indeed the banks are trying to curb fraudulent txs, then why does it have to concern Bitcoin, all of this is just a calculated effort to discredit Bitcoin and make it difficult for people to purchase it.

[Ozero]

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)

Banks operate on the basis of the Law on Banking and Banking Activities and numerous regulations of the country's central bank. Bank employees do not have the right to be arbitrary and must strictly follow the instructions and orders of the central bank. Only clearly illegal decisions can be challenged in the manner prescribed by law. Therefore, bank employees may have their own opinion on some issue, but they are obliged to comply with laws, legal orders of the central bank.

[Woodie]

A recent situation in my country where the banks have been instructed to block accounts related/associated with crypto trading

Just thinking is this a legal move because these customers before opening accounts sign some form of contracts and depriving them this service should amount to suing the bank of acting outra vires .

start thinking if these banks are actually happy carrying out government policies against their customers,

I don't think they can not be happy because this is as good as loss of business and am certain these guys have targets which will be  difficult to achieve with the imposed policies.

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)

There are procedures to follow before such is implemented, say go through parliament as a bill and if this is supported it becomes law, but here everything is being rushed.

[lixer]

Banks operate on the basis of the Law on Banking and Banking Activities and numerous regulations of the country's central bank. Bank employees do not have the right to be arbitrary and must strictly follow the instructions and orders of the central bank. Only clearly illegal decisions can be challenged in the manner prescribed by law. Therefore, bank employees may have their own opinion on some issue, but they are obliged to comply with laws, legal orders of the central bank.

It is a black and white dilemma basically. Banks would love to have zero regulations, and would be able to pay everyone a whole lot more money if that was the case, the less government interference there is, the more money they could make. There are good things that come with it of course, like all of us as customers making a ton of money, a lot more than what we are making and could even become rich.

However, it is obvious that if they do this, then the risks would be insane and we would be losing a ton of money instead of making money and that is the risk we would be taking, plus if we do not want government to meddle, then when banks collapse then government should not help neither, if they can't regulate it then they should not save it neither. All in all regulations are there to prevent a bad thing to happen, and yet it still does even with regulations.

[dezoel]

The truth is that these banks are not going to be happy about that. Crypto investors and like one of the biggest customers that banks can have these days, and that's because there's a lot of money to be made from cryptocurrency investment. So, when governments instructs banks to block customers who are making use of cryptocurrencies , I don't think that they are happy doing such, and that is because they would be losing their customers. So the banks are not happy about it, and there is still nothing that they can do about it, because they work for the government and the government has the final say.

If you are living in a country where the government has decided to ban cryptocurrency, then it is up to you to be careful and know how you are going to be trading in to avoid being noticed. This is the time you have to switch to making use of decentralized exchanges, that way you wouldn't be caught.

[iv4n]

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?

It's the same gang, they are working together! In the last few years, it's been a real mess in my country... one of the interesting things is that banks used to charge clients to process a loan... and someone discovered it's illegal and people and some associations started suing banks for that! Over 30k lawsuits... and many won and got their money...

The Efektiva Association of Bank Clients said on Friday that it had filed criminal charges against officials at the National Bank of Serbia (NBS) who failed to prevent banks from charging clients to process loans despite the Supreme Court ruling.

The Serbian Supreme Court ruled that banks can’t charge clients to process loans unless they inform the client about every individual expense.

So, all services offered by the bank have a clear price, only the costs of loan processing do not! And it was like that until September... when some supreme court said "Banks have the right to collect credit commissions"... and now many people are confused, lawyers are striking against some new rules!

And to not mention how government said and banks supported how credits and loans in Swiss Franc are safe... so people took loans for buying apartments, approximately 50k euros, and after years of paying that loan they owe more than the value of the credit!!!! https://www.obserwatorfinansowy.pl/in-english/financial-markets/chf-denominated-mortgages-in-western-balkans/
And some countries and their governments find a way to help people, but not here in my country...

From the OP shared article:

Despite the central bank's actions, Nigeria's crypto market has emerged as one of the biggest in Africa!

I am always on side of people! And it's nice to hear that Nigerians found a way around the banks!

[Argoo]

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)

Generally, governments should not interfere with banks. The central bank is responsible for the exchange rate of the national currency and the financial policy of the state, and only it is authorized to give the banks instructions and instructions that are binding on them.
It hardly makes any practical sense for bank employees to challenge any instructions from the central bank. Direct appeal to the central bank does not lead to anything, and appeal to the court is expensive, and even after that, you can lose your job.