Not something I expected to talk about but I found it fascinating in all honesty what banks did to these businesses. I wasn't really surprised by it after a bit of thought but it's also just 2 entire industries being declined by banks and therefore pointed directly towards our world, the cryptoworld.
Not only could the owners of some of these businesses not get business bank accounts and payment facilities, they were also denied personal as well as car loans... and for what? For working in an industry that banks don't like. Imagine that, being completely denied financing cause a bank doesn't like you. Not because your business is risky or because there is something shady or illegal there but because it's not as "accepted" as other businesses.
Furthermore only one large bank outright states that it doesn't allow brothels to get banking services and certain sex workers. Often times banks don't even explain to the owners why it is that they aren't allowed or that the industry is "high risk". I swear to god, if something isn't high risk... it's porn... and guns since we're talking about Australia. Who let the banks be "moral arbiters"?
Through all this crypto related businesses have also been named as being discriminated against in the financial system which is no surprise while also the fact that something is high risk shouldn't really have anything to do with banks... unless we're talking about loans. But why not be able to make an account? Banks aren't the ones that should be given the power to decide that.
And within all of this comes crypto as both a victim and the solution. If traditional banking doesn't want these industries, crypto most certainly does. With DeFi they'd have no problem getting all of the necessary services as before, though it might not be clear to them now, at some point it will become the norm and more people will both be educated about it and see it as an alternative, a better one at that.
Not much else to say here really, seeing these types of situations just proves the case that crypto is something that is necessary and when it comes to money, no one man, business or entity should be able to control it.
Thanks for reading! It's been 2 weeks since my last article, sorry about that... I was a bit busy, hopefully we can continue with relatively regular posting now!