One week after introducing the Digital Ledger Technology (DLT) Gibraltar has received bad news from the UK. A leading UK bank has refused to do business with cryptocurrency firms in Gibraltar
leading the the British Overseas territory (Gibraltar) to seek other UK banking partner.
The Royal Bank of Scotland (RBS) has issued a notification that it will no longer process transactions of firms connected with cryptocurrencies. The Scotish bank has effectively closed the clearing system of companies licensed under the new Digital Technology.
In response to the warning of RBS Derek Sene the chief operating officer of Gibraltar International Bank said that GIB will look for another UK correspondent to establish for processing crypto related transfers. He also said that making strategic decisions such as that mentioned was standard practice.
Note that earlier in October of 2017 Godfrey James MD of capital markets at BlockEx (a platform for trading digital assets including cryptocurrencies) said Metro Bank recently shut its UK account, forcing it to rely on a Bulgarian lender to keep trading.
Nobody will give us a bank account in the UK
Will other banks in the UK join the Royal Bank of Scotland in rejecting cryptocurrency transactions?
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