Royal Bank of Scotland suspends Gibraltar blockchain accounts

The Royal Bank of Scotland has informed the International Bank of Gibraltar that it will cease processing all transactions related to cryptocurrency or cryptocurrency firms.

Only three days have passed since the Gibraltar Licensing Department began issuing licenses to blockchain companies, but such a development was to be expected.

The fact is that RBS Chairman Howard Davis is a staunch opponent of Bitcoin and, in a very emotional interview with Bloomberg TV last December, said that cryptocurrencies are an “investment bubble,” adding: “It is appropriate to quote Dante here: “Abandon all hope here.” incoming.”

Iqbal Gangam, head of the UK division of Etoro, spoke even more categorically: “When you mention cryptocurrencies in a bank, you feel as if you are a drug dealer.”

And such statements from officials explain a lot about the situation with the Gibraltar International Bank.

British blockchain firms have long been looking for a favorable legal climate because local banks refuse to open accounts for such crypto business. We think that after the UK leaves the EU, the number of critical companies wishing to change their “registration” and go under the jurisdiction of Gibraltar, which is a profitable offshore zone, will increase significantly. As long as the territory is disputed, such phenomena are not excluded.

Derek Sene, chief operating officer of Gibraltar International Bank, said that his bank would now establish links with other British banks and that such decisions were quite standard practice in business. And it is in principle impossible to scare the head of a bank that serves the zone of the most profitable gaming jurisdiction in the world with a ban.