The Swiss bank Maerki Baumann will become the second in this country to accept money derived from operations involving cryptocurrencies, which includes funds obtained through mining and the receipt of payments for services rendered.
The decision of the financial institution comes at a time when most of the local banks refuse to accept this type of transactions and in other countries obstacles are placed for the operation of the cryptocurrency exchange houses. These decisions face the most critical position of the community that sees banks outside the ecosystem.
The questioning arises in part because they do not recognize in them the moral authority to determine what people should do with their money.
According to a report published on Monday, August 6, the bank, based in Zurich, made the decision as a response to the new demands of the market and the increase in the popularity of cryptocurrencies.
With the declaration, the bank informs that it will not offer direct investment in cryptocurrencies and other derivatives. The bank does not recommend making large investments in cryptocurrencies or maintaining them in the long term due to volatility. In accordance with the general trend of caution assumed by the sector.
As you will remember, the first Swiss bank to offer this option was the Falcon Private Bank, which in July 2017 began offering solutions based on blockchain technology and thus managing funds in the portfolios of its customers. The service of this bank came after establishing an alliance with the company Bitcoin Suisse AG.
Another Swiss bank that has been involved, but this time with future bitcoin shorts, is the Vontobel, which last November announced that it would enable this type of financial instrument for investors in the country's stock exchange.
THE BANKING AND THE CHALLENGE OF CRYPTONS
The international financial system faces new challenges due to the increase in the use of cryptocurrencies. The decentralized nature of cryptoactives such as Bitcoin, among others, is rethinking the way in which users manage their own money without the participation of intermediaries.
While in one part of the world there is greater openness, in other regions such as Latin America they are closing doors.
Some recent cases are, for example, the cessation of operations of the Buda.com exchange house in Colombia. The company alleged that the operational drawbacks, derived from the closure of its bank accounts in several Colombian financial institutions, motivated this decision.
In Chile there have also been episodes of this type with the CryptoMKT exchange houses and Buda.com itself, to which, in March, they were closed several accounts in local banks.
The constant changes that occur in the ecosystem keep the bitcoiner community occupied, but the fact that you look more closely at what the banks say or do could be sending a message about a dependency relationship that cryptocurrencies are precisely seeking to eliminate.