Censorship of free speech is exactly what we need in crypto for faster adoption, and many players are contributing to this.
Some days ago users on Patreon reported their accounts shut down claiming that the shutdown action was requested by Mastercard.
Why does MasterCard have political opinions, and why are they enforcing them on a granular basis? Walking antritrust violation https://t.co/a5cq5oFgve
— nic [proof of reserves] carter (@nic__carter) December 25, 2018
At the same time The Hacker News website was banned from Paypal without giving any details about the ban:
That’s so much frustrating.@PayPal has permanently banned all of our accounts without mentioning any reason and hold wallet funds wrongly for 180 days.
Upon asking, @AskPayPal also refused to share any details.
— The Hacker News (@TheHackersNews) December 29, 2018
But why is happening all this and is this a positive thing for crypto?
Although over time card issuers and banks will become obsolete because of cryptocurrency adoption, maybe this is not the only reason they are banning anything connected to crypto. The main reason seems to be that lack of KYC and AML compliance. Most likely Visa and Mastercard are unlinking themselves from crypto because crypto is not KYC and AML-compliant by design.
Card issuers rely on banks for this compliance but with crypto, anybody can open a wallet and deposit funds on it.
Despite the fact that many exchanges are performing KYC and, AML verifications, cryptocurrencies are contradictory with the entirely KYC and AML regulatory framework.
However, all these banns of free speech are affecting positively the crypto adoption.
Comments exploded on twitter advising “The Hacker News” to use Bitcoin instead.
Despite being unfriendly to cryptocurrencies Banks and financial institutions like MasterCard has shown an interest in crypto and in the blockchain technology filing for patents. On the other side, crypto adoption is growing despite the fact that 2018 has been a downtrend year in prices.
But as the saying says “The Bigger the Base, the Higher Into Space”. Despite the 2018 decline and being declared dead many times, Bitcoin is still up by 82,000% in the last 7 years. However, it seems that the price for this year is closing near $4000.
Do you think Patreon, Paypal, Visa, and Mastercard are doing a favor to Bitcoin adoption and cryptocurrencies in general?
Feel free to post your opinion in the comments below.