Bitcoin: Why banks are still not accepting Bitcoin and other crypto

Some banks are still not touching Bitcoin or other cryptocurrencies, either for legal reasons or because dealing with the risks is not worth the effort. Why do some banks still block crypto transactions, one might ask. The reasons for this vary depending on the jurisdiction and banks around the world.

Many reasons
There are some main categories of reasons that can lead to the blocking of cryptocurrency transactions. These are restrictions imposed either by the regulator or by the buyer. A state may impose restrictions and / or bans on crypto operations, local currency exchanges, and foreign currency billing or purchases. For example, banks in China or Bolivia will not process Bitcoin transactions; that’s against the law. Even in jurisdictions where cryptocurrency is legal, some banks don’t want to deal with disgruntled customers demanding chargebacks from some crypto-related Ponzi scheme and don’t think it’s worth the effort. There are also some risks associated with cryptocurrency. And banks don’t want to pay the bill for ill-informed customers that cryptocurrency sometimes brings with it. If the regulator who imposes restrictions usually thinks of the bigger picture of the country’s economy, then recruiters, as representatives of the economy, are looking to their own gain. These financial institutions attempt to prevent operations that are likely to be challenged as improper write-offs.