Why are banks deciding on my behalf that I should keep my money out of crypto by blocking transfers to crypto exchange?

This is a very common theme in my country India where most prominent banks have prohibited (in absence of a proper word using prohibited here) the transfer to a crypto exchange. The ostensible reason behind this is that the banks want to keep their customers safe by blocking their money to an exchange wallet.Similar kinds of actions have started happening in the west with the recent blockage of money transfers by a UK Bank- Natwest. Their reasoning goes like crypto is a volatile asset and users could/ might potentially lose their money. So what's their solution? Instead of educating the users they are making the whole space inaccessible. How the fuck is this a solution. This is an enforcement by force.They have no right to dictate on how I spend my own money. This is a really bad precedence where central banks are dictating the terms of your money usage. I really really hope that this stops & we become independent to take our own decisions.PS: You can ofcourse put your money through other means (P2P & all) but the point is- you should be able to make any decision with regards to your money as you deem fit. Banks shouldn't be allowed to block transfers to crypto exchange in the guise of safety.

Submitted January 16, 2022 at 01:21AM