Forbes: UK Crypto Businesses and Traditional Banks Have to Become Friends

Can crypto exchanges and banks patch up their differences for the common good? Pavel Kuskowski believes that they definitely can (and have to do it ASAP)

Sun, 2/09/2018 - 8:39

Forbes: UK Crypto Businesses and Traditional Banks Have to Become Friends

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Coinfirm CEO Pavel Kuskowski has voiced his opinion about the state of crypto- and Blockchain-oriented businesses in the UK. While Britain is poised to become a major crypto hub, he believes that there is an urgent need for cryptocurrency exchanges to smooth things with traditional banks.

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Friendship of paramount importance

Kuskowski points to the report that states that Britain has the required resources to become one of the leaders in the global crypto economy by the year 2022. However, he claims that the idea of Britain becoming a huge Blockchain hub right now doesn’t seem to be far-fetched. The UK has everything to reach this status (world’s biggest financial market, common-sense regulations and penchant for innovative technologies), but there is also one crucial obstacle– the UK banks.

Recently, there was a case when HSBC and Barclays immediately froze personal and business accounts of an entrepreneur for trading crypto. While there is no doubt that the relations between crypto and banks remain hostile (at least in the UK), Kuskowski is certain that there is no way digital assets can reach mainstream adoption without having a consensus with traditional banks that have been around for centuries.

A promising cooperation

According to Kuskowski, banks have to realize that crypto businesses are no longer in a legal grey zone (many UK-based firms are welcoming regulations). Bitcoin is the main use case of Blockchain that ensures fast and secure transactions. British traditional banking institutions have to realize the potential of this technology in order not to lag behind. Bank of America, for instance, has already filled the biggest amount of Blockchain-related patents among all US companies.

The Forbes contributor believes that such a cooperation would enhance the ability of both parties to protect their customers. Allowing clients to open their cryptocurrency accounts would help British banks to improve their own KYC capabilities due to the transparent nature of Blockchain.

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About the author

Alex Dovbnya

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.