the Royal Bank of Scotland suspends service Gibraltar blockchain accounts
Royal Bank of Scotland has informed the international Bank Gibraltar (GIB) that it will no longer process transactions of the Bank, if they are related to cryptocurrency firms.
It happened just a few days after Gibraltar began to license regulation for blockchain-companies, according to local news media.
Failure is not particularly surprising. In December, RBS Chairman Howard Davies told Bloomberg TV that Bitcoin appears to be an “investment bubble”, adding:
“It is appropriate to quote Dante: “abandon all hope ye who enter here”.
He warned the American exchange against trade in bitcoin, saying that Central banks are “extremely concerned” by the subject. He reported that the Bank of England, Federal reserve, securities Commission and exchange Commission, and the European Central going to issue a joint warning to invest in bitcoin and other cryptocurrencies.
British blockchain-the company are looking for a more hospitable legal climate as the British banks refuse to open accounts for this kind of business, according to a report in the Financial Times. Iqbal the Ganges, head of the British division of Etoro, said:
“When the mention of the Bank on the cryptocurrency, you feel like you’re a drug dealer”.
In addition to Gibraltar, Poland and Bulgaria are two popular centres of attraction for blockchain-companies. As you approach the exit of the UK from the EU, Gibraltar will certainly experience a significant influx of British representatives of the blockchain-business. Derek hay, chief operating officer Gibraltar International Bank, said that now the Bank will seek to establish a connection with another British Bank, adding that such strategic decisions are standard practice.