Dear Bank,
Lately came into my attention a very restricting behavior and thus policy on behalf of the bank about digital economy and of course cryptocurrencies. I am fully aware about the principles and the values of the banking system that aims to protect consumer, preserve market structure and securing its clients. However, everyone has the right to manage its own funds or assets according to its beliefs always acting respectfully within the undisputed framework of law.
As far as I know majority of banks are at its essence private institutional companies maintaining their rightful ability to adapt their policy accordingly to their interest. As well as the individual clients have every fundamental right to choose how and in which way they will manage their assets.
Very recently I had a conversation through the customers support with a bank teller who mentioned a lot of arguments about cryptocurrencies, probably was trying to protect me or to discourage me not to be involved in this dangerous and risky sector. Here is a big part of the dialogue:
B.T.: “Dear sir, cryptocurrencies have been used to money laundering and to facilitate criminal activities, aren’t you aware about that?”
M: I thought offshores, dollar, euro and lots of physical currencies have used for the same reasons and counterfeit bank notes are still printing. Cryptography however, by nature it prevents malicious or counterfeit actions while any transaction cannot be falsified, and also any transaction can be seen on the public blockchain. Excuse me but arguments like this could be faced with indulgence if they were initiated in a local coffee shop or a tavern. Any system or tool is governed by rules and usage instructions. That is, to blame the kitchen knife because it has been used for criminal activities?
B.T.: “ However, we will be very cautious regarding funds transfer to abroad while it is very likely to block certain transactions from and to the crypto Exchanges”
Me: “Excuse me, come again? Never mind… So basically, the funds that I have legally acquired and also legally I have send them to the crypto Exchange I cannot bring them back?”
B.T.: “Most probably your request will be denied and there is a high possibility on behalf of the bank to terminate the cooperation afterwards , but again no guaranties for the moment.”
Me: “Are you sure about sure that?”
B.T.: “… you see, cryptocurrencies are high risk products and we want to protect you”
Me: “I reserve the right to choose my investment option, thank you for your interest. I would expect from the bank to demonstrate similar zeal when issuing high-interest loans without the necessary collateral or to behave with ethics rather than greed when the stock market crashed in 1999. I guess in the same high-risk categories is the lottery or the betting products? Not looking for a debate now, this is my thesis
B.T.: “It is not clear to us the operation nor the function of blockchain technology”
Me: “The world is changing rapidly, banks must keep up with technological and social developments if they want to be part of tomorrow, otherwise they may trap themselves in a system that will eventually disappear or shrink unimaginably.
Blockchain technology and cryptocurrencies are warmly welcomed by giant companies and global financial institutions such as Visa, Paypal, Ebay, Goldman Sachs while the adoption is exponentially increasing as an antidote especially in countries where simple people are trapped by the plague of inflation. Of course, I should not omit that many Greek companies have adopted transactions through cryptocurrencies. Please take a note that the total market capitalization is more than €1.35T~(May 2021, Coingecko)
Furthermore in 1996, Internet users were extremely reluctant to purchase goods or services by placing their card details on a platform and rightly so, it was a new reality. 25 years after we cannot think our every day living without the internet while we have our whole life stored on cloud. ”
As a professional in arts and culture sector I will provide you a simple reflection with the reasoning to comprehend more the times we live in.
I want to purchase a digital artwork and a ticket to an international convention for innovation (VeeCon). The only way I can proceed with this transaction is to use my euros (fiat money) converting to Ethereum (crypto), and then obtaining the specific digital product in the form of non-fungible token (NFT). A non-fungible token is a digital copyrighted certificate stored inside the blockchain. That is, the owner of an NFT holds the exclusive rights to digital asset and proof of ownership written in smart contracts. In the sector of digital economy, contracts (smart contacts) and trust are executed without intermediaries, eliminating unstable factors. There is no blind trust in cryptocurrency transactions, trust lies on algorithmic data verification.
The question remains, how I am able to grow further professionally and socially when my main financial institution is an obstacle in this process?
Without prejudice, this letter is a product of personal perception based on facts. At any case, banks are an integral part of society and a key mechanism in the commercial operation of countries. But now the field has changed drastically, plus the available alternatives are increasing rapidly but you already know everything I have mention so far.
In conclusion, the bank retains any claim to continue or terminate its customer relationship with me. As for me, there is a place where I am always welcomed, and as long as there is electricity I will be able to communicate, do business, learn, network and benefit by collectively building the new tomorrow community wise.
I would rather be without a bank than without the li₿erty of thought and choice.
Thank you for taking the time to read the opinion of one, which may express thousands of hundreds
Marco V. Athenopoulos
PS: A copy of this letter is already on the way to address my humble opinion to the Bank’s Submission of comments, suggestions or complaints. Honestly I do not expect anything, but I can’t shut down my mind without speaking out my thoughts.
