Banks are used for criminals, will governments ban banks?

[MusaMohamed]

The most common reason governments say when they announce to ban or sanction anything in blockchain and cryptocurrency is "It is used for criminals".

See what banks are used for?
For criminals.
And how much some parent companies of banks had to pay for penalty?

https://violationtracker.goodjobsfirst.org/prog.php?major_industry_sum=financial+services

Violation Tracker Industry Summary Page

Industry: financial services
Penalty Total since 2000: $388,802,802,308
Number of Records: 7,734

Note: The totals include only those entries matched to a parent company. The industry designation is the primary one for the parent's operations overall. The totals are adjusted to account for the fact that each parent's entries may include both agency records and settlement announcements for the same case; or else a penalty covering multiple locations may be listed in the individual records for each of the facilities. They are also adjusted to reflect cases in which federal and state or local agencies cooperated and issued separate announcements of the outcome. Duplicate or overlapping penalty amounts are marked with an asterisk in the individual records list below.

The total paid $ for penalty is $388.8B, it's not small.

The discussion can start with

Why governments don't ban banks even banks are used for criminals?
Why governments don't ban knife, gun, email producers/ companies because they are used for criminals?

[GeorgeJohn]

The most common reason governments say when they announce to ban or sanction anything in blockchain and cryptocurrency is "It is used for criminals".

Before introduction of cryptocurrency money laundering is already in existence, but since the introduction of bitcoin in 2009 bitcoin has be established, and its obvious that governments seems bitcoin as one of major elements use to extort money from people and also seen Bitcoin as easiest way of committing money laundering whereas before bitcoin existence all this things is already evokes or exist, so the thing is governments is against bitcoin and that's while they wants to allow bitcoin stand firm, but the situation and the level bitcoin has been, I believe that bitcoin can no longer been destroyed by government.

See what banks are used for?
For criminals.
And how much some parent companies of banks had to pay for penalty?.

The is alot of irregularities or illegal act's going on in banking system but governments can not concentrate to figure out those irregularities in banking system, but I don't know while governments refused to fight banks while illegal things is going on there.

Why governments don't ban banks even banks are used for criminals?
Why governments don't ban knife, gun, email producers/ companies because they are used for criminals?

governments don't want to ban banks because they feel banks operating system is centralized while bitcoin is a decentralized way of banking system in cryptocurrency, they can easily access banks and also figures out the database, while the privacy in bitcoin is what's makes them to feel uncomfortable with cryptocurrency, for example when you transfer money from one bank to different banks and brand, it will be easy for governments to detect and monitor how the funds went through, but in cryptocurrency mostly Bitcoin when use mixer to mixer your coins, it will be difficult for governments to trace the transaction history, and we know that with mixer it can be traceable, so that's one of the major reasons governments fights existence of bitcoin.

[Solosanz]

Bitcoin is actually 100% transparent and anyone can trace where the coins came from, unlike transactions in banks where someone who have power can delete or manipulate the transactions.

Why governments don't ban banks even banks are used for criminals?

Because the government itself is the criminal. Why need the criminals need to ban something that give benefit on them? this is impossible.

Why governments don't ban knife, gun, email producers/ companies because they are used for criminals?

They will say these things are useful and they're not essentially created to harm someone. Nothing surprising since the government always have double standard.

[m2017]

The most common reason governments say when they announce to ban or sanction anything in blockchain and cryptocurrency is "It is used for criminals".

See what banks are used for?
For criminals.
And how much some parent companies of banks had to pay for penalty?

And here is the answer to your question.

Banks are centralized, which means, if necessary, goverment can issue them a fine and get money from them (from us). And who should I issue a fine for cryptocurrencies in blockchain? That's right - no one and the reason is decentralization (let's pretend that all cryptocurrencies, except bitcoin and a couple more, are also decentralized).

"It is used for criminals".

This “magic phrase” allows you to stigmatize (ban) and demonize (reduce interest) in the eyes of society in almost everything, and not just in cryptocurrencies.

Of course, such statements sound hypocritical.

The total paid $ for penalty is $388.8B, it's not small.

Not bad, right? Even with these huge expenses, banks still remain profitable. This is a reason to wonder whether cryptocurrencies really have dizzying returns? It was not in vain that Charlie Lee sold all their litecoins he had and bought a bank (WEG Bank AG).

[_act_]

For government to ban banks, it is like the government wants to ban what they created without no alternatives. They are the ones that created the fiat which banks are using to keep people's money.

If you ask them that why are there dirty fiat? I mean the ones used for criminal activities, especially online. They will tell you that bad actors are still seeing loopholes that they can use to scam people to pay them fiat. But if it is crypto, they will say it is used for criminal activities. The central banks have this stupid mentality.

But most countries are in support of cryptocurrencies. Only few countries ban it.

[tsaroz]

Banks do process the money from crimes and criminals and banks are the largest and legitimate money launderers. The reason why this happens is the government who are in control of these banks are directly involved or the people involved are in protection of the government. Sometimes the people that do these crimes or protect the criminals and controls these banks are even more powerful than the government and are generally called deep state.
Government if wants and if are sovereign can always penalize or prohibit banks form doing illegal transactions and if they are not, either the government are not sovereign enough or are themselves the criminals or are operated by criminals.

[bluebit25]

(...)
Why governments don't ban banks even banks are used for criminals?
Why governments don't ban knife, gun, email producers/ companies because they are used for criminals?

The way they want to express power and control, and the banking system is something that already exists on a large scale linked to the economies of countries, continents,... so there will be many ways to make excuses.

It seems they also feel that the truth is like blaming some tool just to show its negative side. Like how a knife is used in a murder case, but in other situations it's just to chop an apple, and people blame the knife as the cause, which is really an unjustified blame. It's just that the psychology of the crowd is easily manipulated by influence, so some issues are manipulated, but the main nature is still each person's own behavior, so when receiving power that can be lost, they can may find a way to suppress or defame certain tools.

[montaga]

Banks can see exactly what everyone is spending, you can not see what payments Banks make, they have a lot to hide.

[legiteum]

They aren't going to ban banks any more than they will ban Bitcoin. Banks are regulated. Bitcoin is too. So what.

[Hispo]

It is not about banking, actually. It is about control and how governments want to have control over the funds of people, their accounting, their identity and other aspects of our life, regardless whether we are criminals or not.
It is obvious banks will continue to be used as criminals to try to launder money and fund their own operations worldwide, but it is unrealistic to even imagine governments will do anything beyond taking fines to those banks, which are quite small in comparison to the huge profits they get each year by the way.

This is the kind of discussion which reminds me the times in nazi Germany when the members of the party started to bank certain books, but did not banned books as a medium to transfer information. It also reminds me how there is an open discussion in the United States about limiting access to guns because criminals and spread murderers and mass shooters, while on the other hand, they have right to hold self defense.
What we see among banks, Bitcoin/Blockchain technology and governments of those countries is just plain hipocrisy and not wanting to admit they crave for power and total centralization.

[teamsherry]

Banks play an Important role for the government and also the entire system at large, there are not dismisable or something that could be scrambled out, they play an Important rolecin the circulation and control of circulation of money, during the no cash policy in my country, everyone ran to banks you know why cause the central banks always realize money to banks first and that's how money spread around and also back to the bank.

So with out banks the country would suffer from improper distribution of funds and the internal economy could just collapse as people might prefer to go back to doing exchange by bater or any other system that cab support trading apart From money.

[BADecker]

Banks are used for criminals, will governments ban banks?


Government officials are criminals.

Bank officials are criminals.

If we put them together, will two wrongs make a right?

[Freeesta]

The government currently does not have the ability to control cryptocurrency users from around the world. They have passed KYC, but this is still not enough. The only way to introduce cryptocurrency into the financial system of the state is to abandon traditional currencies and completely transfer banks to cryptocurrency. Only after this entire procedure will there be consequences, some states will introduce taxes on profits from cryptocurrencies, and here users will no longer be able to remain anonymous.

[passwordnow]

Why governments don't ban banks even banks are used for criminals?

It's because the entire bank has a huge contribution to the economy of a country and that's why governments don't ban them. They ban if the bank accounts are used for illegal purposes, they ban the owner of that account, and also file some cases related to money laundering or any case that they can file to that person. There's a deep connection of bank institutions and the government and they're working together, remember that there are also central banks for each country and that's why, they can't just ban the banks because it also helps to circulate money in the country.

Why governments don't ban knife, gun, email producers/ companies because they are used for criminals?

It's because they're being used for productivity. Once a product is used for illegal things, they're stopping the user itself and not the product. I know that it is what you think but if things are used 'by', not 'for' criminals then everything is going to get banned. Like the cars, they're also used by criminals, malls, stores, etc. All of it to be honest and that's why you can't just ban everything that are used by criminals. They are abused but they're not solely made for those illegal purposes and that I guess did some clarity or if not, not everything that the criminals have used are going to get banned. It's all about the criminals and not the things.

[jrrsparkles]

Not just banks, the mode of payment they use is fiat so they should ban fiat money.

We all know that bank give the excuse just to shut the questions raised against silencing the decentralized monetary system but all they want is just want complete control over the money so they can print as much as they want and we people can't know how much they print even.

[Barikui1]

https://x.com/DSBatten/stat

The total paid $ for penalty is $388.8B, it's not small.

The discussion can start with

Why governments don't ban banks even banks are used for criminals?
Why governments don't ban knife, gun, email producers/ companies because they are used for criminals?

Hahaha, though it sounds ridiculous no doubt, but it's definitely a very good question, would they ban their own? No, I believe that most of these  reason and excuses some government and state are saying is what they just want to put in front as their offense before they issue a ban, so they are just looking for something to hold unto, because they mostly feel that cryptocurrency is a threat to the traditional banking sector.

Lastly, in this life that we found ourselves, we all have to understand that life is all about interest, so the government gets no benefits directly from the crypto industry, unlike banks that contribute directly to the growth of the economy, so looking at it from their own point of view, we might do the same if we aren't enlightened enough to know the benefits of cryptocurrency in our society.

[Frankolala]

See what banks are used for?
For criminals.
And how much some parent companies of banks had to pay for penalty?.

The is alot of irregularities or illegal act's going on in banking system but governments can not concentrate to figure out those irregularities in banking system, but I don't know while governments refused to fight banks while illegal things is going on there.

We have banks to help government keep and circulate their fiat currency, and so why do you think that they will go against their own. The government owns the bank, and they want people to gain trust on banks so they cover the illegal activities that is going on in banks.

The government don't like bitcoin because it is not from them, and the decentralized nature of bitcoin is a big headache to the government, since they cannot control it. This is why government is trying to fight through exchanges regulations and having the ETFs to enable them have list of people storing their bitcoin in centralized platform, but they will not be able to get those that are purely using bitcoin in a decentralized way. Government hates their citizens financial freedom.

[aoluain]

Why governments don't ban banks even banks are used for criminals?

It's because the entire bank has a huge contribution to the economy of a country and that's why governments don't ban them. They ban if the bank accounts are used for illegal purposes, they ban the owner of that account, and also file some cases related to money laundering or any case that they can file to that person. There's a deep connection of bank institutions and the government and they're working together, remember that there are also central banks for each country and that's why, they can't just ban the banks because it also helps to circulate money in the country.

Well if governments banned banks they would have to back or create some other form
of financial institution in order to conduct their business, like paying for public sector
services like Police, healthcare workers, emergency workers, infrastructure maintenance,
Housing development etc.

Its too easy to say governments should ban banks but its actually not that easy.

Please dont suggest Bitcoin, they will want something that they can control in the form of FIAT.

[Dr.Bitcoin_Strange]

Why governments don't ban banks even banks are used for criminals?
Why governments don't ban knife, gun, email producers/ companies because they are used for criminals?

The answer is simple: the government thinks they can oversee everything that is going on in the bank, and when there is any laundering crime in the bank, they believe they can easily detect it. They don't realize that it is not all the money crime in the bank that can be detected. But the problem they have with crypto is because they feel it is not transparent enough. The government knows what they are doing, and I strongly believe that even some money laundering cases are being committed by top politicians and some other people who have political connections. 

[o48o]

The most common reason governments say when they announce to ban or sanction anything in blockchain and cryptocurrency is "It is used for criminals".

See what banks are used for?
For criminals.
And how much some parent companies of banks had to pay for penalty?

https://violationtracker.goodjobsfirst.org/prog.php?major_industry_sum=financial+services

Violation Tracker Industry Summary Page

Industry: financial services
Penalty Total since 2000: $388,802,802,308
Number of Records: 7,734

Note: The totals include only those entries matched to a parent company. The industry designation is the primary one for the parent's operations overall. The totals are adjusted to account for the fact that each parent's entries may include both agency records and settlement announcements for the same case; or else a penalty covering multiple locations may be listed in the individual records for each of the facilities. They are also adjusted to reflect cases in which federal and state or local agencies cooperated and issued separate announcements of the outcome. Duplicate or overlapping penalty amounts are marked with an asterisk in the individual records list below.

The total paid $ for penalty is $388.8B, it's not small.

The discussion can start with

Why governments don't ban banks even banks are used for criminals?
Why governments don't ban knife, gun, email producers/ companies because they are used for criminals?

This might be unpopular opinion but that's why there are huge penalties and that's why they keep on tightening regulations for financial insitutions. They need to weed out criminal activity and corruption, and that's not an easy job. It's not something bitcoin would fix either.

If they would ban banks, what would be the alternative? Since they already have the infra, they rather just make it more airtight, more regulated, and more safe. One of these instruments to build it better is cbdc, and o understand why some people see it only as more control. Even though we don't even know how it would work, and most likely it involves some sort of open source ZK tech, because no one would trust if it would be a black box. This is why i really can't judge the idea of cbdc before knowing how it would even work.