Today I received an e-mail from a crypto exchange from Romania noticing me that their native currency account for deposits has changed. We're a bit dated in here when it comes to on and off ramping in crypto. Most of the exchanges require a wire transfer before allowing you to purchase crypto through them.
I don't know how many are still using that since you can easily buy your crypto directly from BINANCE or Poloniex, but I guess some are still doing that. The reason why these guys have changed their deposits bank account is because the banks keep on closing their accounts. That saying, the banks don't want Romanians buying crypto with RON, our national currency.
For EUR we have a whole different situation as this exchange is operating through some payments systems and banks from Lithuania and the UK. Meaning that Romanian banks have nothing against you depositing cash to their damn created accounts and pay them fees for all sort of transactions, but they don't like when you use fiat to buy crypto.
We're not exactly in the same spot as Nigeria or India are when it comes to banks cracking down on crypto people's accounts but it seems we're not far either. There's already another exchange from what I know that has gone through this situation and now it's only dealing with cash to crypto ATMs and EUR accounts and that's not all.
A friend of mine who tried to buy himself a couple of Bitcoin last year when it was still cheap through such an exchange, by using these dated methods, has had problems doing that. Basically he got a call from the bank telling him that if he's trying to buy Bitcoin with his account one more time they're gonna close his account. He could have done that directly via Binance but he wasn't using it back then.
Now he's 24/7 on Binance trading futures. The idea though is that banks are not yet crypto friendly although all over the world in civilized countries some of them are already pushing forward in offering crypto services to their clients. While dinosaurs are having their last fight, fresh new cubs are born for the finance of the future.
I've been talking quite a few times on my blog about my experience with using the Binance Visa card for spending crypto all over and I am satisfied to say the least. So far it has worked flawlessly and although I haven't done too much shopping I already have $0.5 in cashback rewards. Crypto is the way and the final destination, and the ones being early adopters will benefit the most.
It just came out in the news today that Payments Firm Wirex Launches Multi-Currency Debit Card in UK, Europe and that's one more option in dealing with crypto for us Europeans. Until now, Wirex wasn't offering its services to Europe but they've turned 180 degrees. I will have to check if Romania is on that list and if YES I'm ordering such a card.
Gradually I want to make my way out of using banks and also trying to ditch cash use as well. The industry is expanding and the access to crypto should be harder and harder to limit. The crooked filthy banks are still trying their best though. I hope they fail, as they really deserve to do so.
While talking on the phone to this friend of mine today we recalled on what the crypto space was four years ago, what noobs we were back then, how much things have changed and what a great potential lies ahead of us. Banks are bound to fail and will do that. They're tries are just desperate attempts to stop their customers from tasting cryptos, but the more they oppress the more they'll search for ways of circumventing oppression.
Crypto is about going forward and overcoming adversities and that's what we're doing. Fuck the banks! We've got DEFI, and the new CUBfinance to celebrate and a lot of excitement for what's to come. Have a great evening and see you to the next one.
Thanks for attention,
Adrian
