With some banks saying they will not accept transfers from Bitcoin exchanges, Rahman Ravelli’s Syed Rahman wrote an assessment of their stance on cryptocurrency.
In his piece, which was published by Blockchain Tribune, Syed cited examples of banks’ reluctance to fully embrace cryptocurrency and outlined what this may mean for their customers.
He detailed the role that money laundering risks have played in the wariness of banks to accept cryptocurrency; due mainly to difficulties in tracing its origins and reports of it being widely used by criminals. Syed argued that people need to research the approach taken by a bank to cryptocurrency before deciding whether to have an account with it, as there is no reason to use a bank that will refuse to accept your crypto-related transactions.
With a number of crypto exchanges having developed their working processes in recent years, it should now be simpler to transfer money to and from banks. But even though that is not the case at present - due to banks’ reticence to accept cryptocurrency – Syed believes this could change.
He expects banks to acknowledge the increased use of crypto and implement procedures to ensure they can accept such transfers without running the risk of facilitating crime.
Syed article features in Blockchain Tribune.