British bitcoin investors refused mortgage
Bitcoin investors in the UK are faced with problems in the acquisition of mortgage loans, because banks don’t understand how to handle the funds received in the form of cryptocurrency.
If you believe the report of the British newspaper “The Sun”, the growth of prices of bitcoins and profit growth invested in cryptocurrency, there are problems with the provision of mortgages proceeds from bitcoins, as the banks are not sure of the legality of these revenues.
Mark Stallard, broker House and Holiday Home Mortgage, said:
“First mortgage lender, who I called asked me what cryptocurrency is. Then I called two other lenders and they also said that they will not mess with the money of bitcoin. I do not believe that mortgage companies in General are ready for this question, and research suggests that many more people will knock on our doors with the help of funds made or collected that way.”
Several building societies have said they will not take deposits received from crypto-currencies, while banks including Santander and Aldermore have said they have no formal policy in this regard.
Building Societies Association, said:
“Currently there is no regulation of electronic currencies, which puts them in the category of risks related to money laundering. In addition, it is well known that the currencies are popular among criminals, who use them to launder proceeds of crime”.
“Everyone knows that bitcoin is used by criminals” — such an argument from the banks is especially ironic, given that a number of prominent British banks, including HSBC, Royal Bank of Scotland, Barclays and Coutts – in the past year were themselves under investigation for charges of money laundering.
Bitcoin investor Max Wilde said:
“Cryptocurrency became a cash seizure of our generation. There is a whole group of bankers, born before 50 years who don’t understand what cryptocurrency is. They began to ridicule her and came to an worry, and now assume that to work with it illegally”.
As previously reported, Bitcoinist, in other countries the market is more open to cryptocurrencies. For example, U.S. real estate, including a mansion in Miami with an area of 9500 square feet, sold for bitcoins and Dubai British Builder Aston Property Ventures has started to accept bitcoin as a payment method.