Bank of America will cease providing lending services to companies manufacturing certain types of firearms.
As reported by Bloomberg, Bank of America, the second-largest bank in the US, will no longer lend to firearms manufacturers involved in selling semi-automatic rifles deemed “military-style” to the civilian populace. This comes after a wave of pressure on banks and payment providers to restrict their services provided to firearms manufacturers in the wake of recent highly-publicized shootings. Increasing financial pressure could cause manufacturers to cease production of controversial items or risk harm to their business.
Centralized payment systems have a long history of shutting out controversial projects
Payment companies and the banking industry, with centralized control over services, have long posed problems for businesses and causes that have attracted controversy over the years. PayPal froze the accounts of supporters of the Bundy Ranch, an agricultural community in the US which was engaged in a dispute with the federal government resulting in an armed standoff. Wikileaks famously also had all its payment providers shut down due to is exposure of government corruption, prompting them to seek cryptocurrency as a way to get around the ban.
Dash is making strong inroads in censored industries like marijuana and alternative media
As the top cryptocurrency for payments, Dash is focused on offering better and censorship-resistant money, which leads to applications in traditionally underserved industries. Independent journalist Ben Swann came back after a year of censorship thanks to an exclusive sponsorship with Dash. Dash point-of-sale and business solution Alt Thirty Six aims to service the legal cannabis industry, which at present is cash-only due to banking restrictions. Finally, Dash is taking off in Venezuela, which has experienced currency issues and regulatory barriers, with over a hundred businesses accepting it for payments as of time of writing.
The firearms industry would be wise to explore Dash for payments seeing present trends of hostility from banks.