Most Canadian Banks Restricts Buying of Cryptocurrency

Transaction of cryptocurrency in Canada is now in a shadow, A few days ago, BMO Financial Group (Bank of Montreal) announced the banning of its credit and debit card customers from participation in cryptocurrencies purchases with their cards.

The following decision makes the Banks of Montreal the latest Canadian financial institution to move against and banning the digital currency followed several of the biggest Canadian banks over the past few months according to decentralpost, with the likes of Canada's largest bank Toronto- Dominion Bank (TD Bank) has also blocked attempts to buy digital currencies last month.

Meanwhile, Royal Bank of Canada (RBC), the country's second-largest bank by assets, declared it would allow transactions involving cryptocurrency only "in limited circumstances.

Alternative

In the wake of banning digital currency by the banks, Canadian cryptocurrency investors have looked for an alternative. P2P platform LocalBitcoins has seen trade activity in multiple of six, from $1.2 million in trades to $7.2 million as compared with the three-week period just prior.

This is actually the ideology behind bitcoin in general: personal investor freedom. If investors have to look outside of banking institutions in order to conduct these transactions, the thinking goes, they are benefiting by removing themselves from the traditional financial system, if only in part.

It is crucial to understand the importance of the Peer-to-Peer platform and decentralized exchanges. The development of such a platform is essential for the survival of bitcoin and cryptocurrencies in general.

For example, LocalBitcoins has been around since 2012, connecting Bitcoin buyers and sellers on an open, peer-to-peer marketplace. There are plenty of reasons to recommend Local Bitcoins as a secure and easy-to-use trading platform.

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