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Traditional banks hate cryptocurrencies

The total market capitalization of digital currency is about $500 billion, while the total funds raised through ICOs now exceed $3 billion.

16.Dec.17 2:20 PM
By Daria Zaytseva


Traditional banks hate cryptocurrencies

However, the Bubble Generation is not accepted by traditional banks. Different banks around the world are not happy with those who buy Bitcoin. Because of this activity, several banks close the accounts of customers.

South Korea banned its traditional banks from dealing in virtual currencies. The giant country has become a turning point for the cryptocurrency trade, which accounts for about 20 percent of the global Bitcoin transactions. The government of South Korea will also prohibit minors and foreigners from trading virtual currency or creating bank accounts for them in the country.

The chief financial officer of ING weighed fears over cryptocurrency, saying that although digital assets are an effective means of exchange, the bank did not offer clients to invest in them. TD Bank is actually trying to block Bitcoin's purchases, although the company basically performs routine checks with views.

Recently, the PNC bank threatened one of its customers for purchasing Bitcoin. Barclays closed the student's account after his transactions in Bitcoin. British banks avoid companies that deal with cryptocurrencies, forcing many to open accounts in Gibraltar, Poland and Bulgaria. Anson Zella, the head of Singapore Cryptocurrency and Blockchain Industry Association or Access, said his organization had heard from 10 companies that had problems with their banking relationships in Singapore. Chia Hock Lai, president of the Singapore Fintech Association, said that some of his organizationís members also faced closing accounts.

A few months ago, Visa announced that it would suspend all crypto debit cards outside the European Economic Area. Now it turns out that Mastercard will do the same.

Traditional banks hate crypto, because, firstly, they already have a large and understandable business, and they are not interested in a new and small business. Secondly, imagine a specialist in compliance - they do not know anything about Blockchain, cryptocurrencies and ICOs. In their world, "everything that is strange is forbidden," and if they make a mistake, they will be fired, so they send a page or two boring questions, and then simply block the account.

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