The total market capitalization of cryptocurrencies being about 500 billion dollars, the total funds collected by the design of ICOs now exceeds 3 billion dollars. However, this new generation stock market is not accepted by traditional banks. Indeed, various banks around the world are not satisfied with the purchase of Bitcoin. We have seen many banks close accounts receivable due to cryptocurrency activities.
South Korea has banned its traditional banks from trading in virtual currency. The hyper-connected country has proven to be a hotbed for cryptocurrency trading, accounting for around 20% of global Bitcoin transactions. This represents about 10 times the share of the world economy. It is estimated that about one million South Koreans have bitcoins. The South Korean government will also ban minors and foreigners from trading in virtual currency or creating bank accounts for them in the country.
The Chief Executive Officer of Credit Suisse said:
Banks clearly have "little or no appetite" to engage in the world of cryptocurrency in general because of the fear of a bubble and the illicit activities associated with it.
ING's Chief Financial Officer also discussed cryptocurrency concerns, stating that while digital assets are an effective means of trading, the bank would not be shy about telling customers to invest in them. . The TD Bank is also trying to block Bitcoin's purchases, although the company mainly performs routine checks at first glance.
PNC bank recently dissuaded one of its customers from buying Bitcoins .Barclays closed a student's account after its Bitcoin transactions. British banks avoid companies that handle cryptocurrency, forcing many people to open accounts in Gibraltar, Poland and Bulgaria. Anson Zeall, director of Singapore's Cryptocurrency and Blockchain Industry Association or Access, said his organization had heard of 10 companies that had encountered problems in their banking relationships in Singapore .Chia Hock Lai, president of the Singapore Fintech Association, stated that some members of his organization also experienced account closures.
A few months ago, Visa announced that it would suspend all cryptocurrency debit cards outside the European Economic Area. It now turns out that Mastercard will do exactly the same thing .Josh Brown, Ritholtz's Managing Director Wealth Management, had the pleasure of buying cryptocurrencies. However, Brown, who helps manage half a billion dollars, is not really a convert yet.
Let's call things by their own name: Traditional banks hate cryptocurrencies in general. However, this hatred comes from a lack of understanding, fear of uncertainty and laziness rather than anger. Why banks are not willing to understand your problems First, they already have a big business and they are not interested in a "new competing small business".
Their state of mind is built on the past (instead of the future) and their decisions are conditioned to avoid bad things instead of developing new ones.
