Economy

Demeter

(85,373 posts)

46. Banks Mostly Avoid Providing Bitcoin Services

Mon Dec 23, 2013, 09:49 AM

Dec 2013

http://online.wsj.com/news/articles/SB10001424052702304202204579252850121034702

Companies trying to cash in on the newfangled bitcoin craze are having trouble getting old-fashioned bank accounts.

Lenders are leery of dealing with virtual-currency companies because of concerns that the businesses could run afoul of anti-money-laundering laws or be involved in illegal activities, banking executives say. Regulators and central bankers around the world have raised similar concerns in recent months.

The problem has grown so acute that some owners of fledgling virtual-currency businesses are trying to elude bank scrutiny by avoiding the words "bitcoin" or "bit" in their names, according to entrepreneurs and investors who actively track the industry...

I AM TRYING TO IMAGINE WHAT THE BANKSTERS ARE THINKING...SINCE THEY AREN'T HANDLING BITCOIN, MERELY DEPOSITING GOOD OLD GREENBACKS...

MAYBE THEY'RE ANTICIPATING A DECLARATION OF ILLEGALITY?

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