Crypto Exchanges
By Steven Anderson
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Customers reported about five instances of customer accounts being closed for interacting with cryptocurrencies at the Bank of America.
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Internal compliance policies of the Bank of American read thus: "Cryptocurrency exchanges or digital currency exchanges (DCE) are businesses that permit clients to trade in…
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The policy further added: “Do not open accounts for cryptocurrency exchanges or businesses whose primary business is the trading of, or investment in, cryptocurrency,…
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While not all significant banks gave clear cut answers regarding cryptocurrency transactions, Chase Bank revealed very clearly on their internal compliance policies,…
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When questioned about the existing state of development of the cryptocurrency industry, Morehead concerning the Gartner Hyper Cycle related to innovative technologies stated:
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"A small kernel of important things gets people to be crazed about [Bitcoin] and then [there's a] trough of disillusionment.
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He further opined that Bitcoin and the blockchain technology are in the earlier stages of development and it will take at least a decade for Bitcoin to mature.
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Dan Morehead pointed out: "If you ever go back and zoom your lens for more than a year, Bitcoin as a proxy for the industry is always going up."
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The market continues to be dominated by bearish sentiments.
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Mnuchin stated, "I can assure you, I will personally not be loaded up on Bitcoin in 10 years, I would bet even in five to six years I won’t even be talking about Bitcoin as…
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Mnuchin opines that the future for the cryptocurrency is bleak and he further continues to bat for the USD.
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With the coming of the cryptocurrency, several discussions have been sparked over whether tech companies are taking over the functions of banking institutions.
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Bruno Le Maire, Finance Minister of France, stated: "We cannot accept private companies issuing their currencies without democratic control.”
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The least likely scenario at this point is “Take Over.”
The Currency Analytics
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