Access denied: Banks seem prone to cryptophobia despite growing adoption
Banks in many countries continue to either outrightly deny or limit their services to crypto exchanges. From refusing to bank crypto trading desks to closing accounts held by platforms, the mainstream financial sector appears to be putting up roadblocks to seamless cryptocurrency commerce. Without banking support, exchanges are often forced to depend on other fiat on-ramps to service the deposit and withdrawal needs of their customers.The apparent discrimination against crypto exchanges also goes beyond the refusal of banking services. In countries such as South Korea, banks have increased....
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Over the past two years, 6 million residents of the United Kingdom have been denied bank accounts. According to a study conducted by competing banking service Pockit, since 2014 one in eight adults have been rejected by banks. Additionally, the study found that six out of 10 of their customers thought that banks did not care to accommodate the needs of low-income workers. Exclusion from valuable financial services hits the most vulnerable. Strict banking rules largely affect low-income workers and old-age pensioners. As a consequence, they are excluded from using valuable services such as....
A chief economist at UBS, the largest bank in Switzerland, sees a number of problems with bitcoin. In attempting to answer the question of whether the cryptocurrency defies the zeitgeist, he claims that “bitcoin is denied to those minority groups who have reduced online access.” UBS Chief Economist Sees Multiple Problems With Bitcoin Paul Donovan, Chief Economist of UBS Global Wealth Management, published a weekly update entitled “Does Bitcoin defy the Zeitgeist?” on the UBS website Friday outlining a number of issues he sees with the cryptocurrency. UBS is the....
There is no denying how Bitcoin is becoming more and more popular, despite stern warnings from central banks around the world. While Bitcoin may pose a risk due to it not being controlled by banks or authorities, that is also one of the selling points of this popular digital currency. Mainstream adoption is still a little while away, the there is a growing demand and respect for what bitcoin is trying to achieve. Just a handful of years ago, no one thought digital currencies would remain relevant for more than two years at best. Fast forward to today, and Bitcoin has been around for over....
The Bleish family’s “Dash Across America Tour” in the Bitcoin.com bus was derailed yesterday when, during their Las Vegas stop, the organizer of the city’s Bitcoin meetup denied them access because of the family’s support for Dash. Bitcoin.com Bus Tour Denied Access to Las Vegas Meetup. Catherine Bleish, co-organizer of the tour, penned a blog about the....
The Chinese Central Bank Digital Currency (CBDC) is progressively spreading out to more users. This can be seen as 35 banks in China include the digital Yuan in their mobile apps. According to a local report, the digital RMB App reveals a recent addition of more banks to the interface. Before now, the digital app only had 6 state-owned banks. Furthermore, these added banks now have access to the digital renminbi App to recharge digital RMB wallets. The banks include city commercial banks, joint-stock firms, rural commercial banks, rural credit cooperatives, and others. Related Reading....