A british bank says no to businesses of crypto-currencies of Gibraltar

Less than a week after having started the business development of crypto-currencies, the Gibraltar has received bad news from the United Kingdom. The british bank has refused to process transactions from companies of digital currencies that are based in the country.

The banks in Gibraltar are now looking for other partners to enable them to operate in the sector efficiently.

Below are the details of this announcement :

The Gibraltar, in search of other partners

The negative reaction to the decision of Gibraltar to operate in the sector of the digital currency came from the Royal Bank of Scotland. His partner, the Gibraltar International Bank, has been informed that RBS would most transactions related to crypto-currencies. The bank of scotland has effectively closed the system of compensation for the companies licensed in the new regulatory framework of the accounting digital put in place by the government of Gibraltar. The new legislation came into force on 1 January, after the Parliament of Gibraltar had approved a bill last month aimed at updating its financial regulations.

Following a warning of RBS, the chief operating officer of GIB – Derek Sene – has announced that his bank was looking for another partner in the United Kingdom to establish a system for the processing of transfers related to the crypto-currency.

An ad that is not yet official

RBS has not yet made official comments on its decision to reject the transactions related to digital currencies. However, the attitude of its management with respect to crypto-currencies is well known. The bank’s chairman sir Howard Davies said that the Bitcoin seems to be a bubble, but admitted that he did not see how it could be prevented. He also noted the difficulties in the definition of the systems of alternative payment.

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While the Bank of England is investigating a very active market of Bitcoin, british banks need to decide what to do with crypto-currencies.

Source : NewsBitcoin