A number of regulators around the world banned the cryptocurrency or ICO. Why? Because this new world was so large, that it already cannot be ignored. And he began to accumulate real resources. Those steps look like the desire to own these resources, monitor their distribution, but the reluctance to understand the nature of new things and take risk. But it is impossible — to create something new, a new value, which was not yet, need to take risks. It’s the law. Or someone just wants to be safe just in case. Let’s be honest — is that so?
Almost all major banks refuse to take money after the conversion of crypto currency in my account. Let’s call a spade a spade — traditional banks hate bitcoin. But this hatred is not born of malice, and UN-understandable, fear of uncertainty and laziness. When the Bank receives the money after the conversion of cryptocurrency — they get to control compliance.
They sit «experienced» employees who simply do not understand what it is and where it came from. And then comes the silliest thing: if these employees will spend time to understand the issue, their is no «praise» (so they have no motivation), but if they go wrong — they would be fired. Don’t you think there’s something wrong?
Let’s be honest — traditional banks hate you.
Capitalization of bitcoin is around $70 billion, capitalize of the ether in the neighborhood of $30 billion, the total value of attracted funds in the framework of the ICO — more than $2 billion And you all (Yes, all of you) no one is waiting.
If you convert the cryptocurrency into Fiat and transfer to the Bank account of less than $50 thousand, most likely, everything will go smoothly and you will go to the market to say that there are no problems and everything works smoothly. If you are converting from $100 to $300 thousand — there is already a situation of 50: 50.
But if more than $500 thousand then just plucked the compliance of your Bank. KYC, AML, sources of income — it would be good that everyone’s been asking, if they worked more technologically advanced and if they really wanted to deal with.
But in your question nobody wants to understand — so keep your «freeze the account» and «notification of closing within 30 days.»
Is there any workarounds? Of course. On each page-two questions to answer 10-20 pages of meticulous and detailed answers — and to take the Bank down. But for that you have to handle large amounts — because you will have to spend considerably more on their own back-office (lawyers and accountants). To do this:
• Gather and neatly store all the pieces of paper, e-statements and screenshots of all transactions of mining, obtaining, buying and selling of cryptocurrency.
• Quickly throw asking questions with comprehensive explanations (with diagrams and conclusions), what is the blockchain, cryptocurrencies and ICO.
• Explain how you held yourself and how you spend for their contractors procedures KYC, AML, source of funds.
• Conduct a full review and conclusion by working with partner exchanges to work with.
• Hire a major auditing company (like Deloitte or E&Y), which for $30-50 thousand verify for you: what do you do for the business with whom you work, where you have cryptocurrency and you then spend Fiat money.
• Every time come up with different purposes payments from your Bank — because «receiving Bank» also there will be questions on the origin of the funds, and the regular similar transaction with the same justification will cause issues.
Or find some suspicious Bank in a third world country that won’t ask questions. But in reality, they are not going anywhere — every time you will be paying from this Bank out, they will be born.
And then you need to decide: do you want to be as inconspicuous as possible, not attracting attention, and constantly from everyone run to you no questions asked, or you legally earned their money and want to engage in the construction of new services and the new economy, and not to waste time and resources on all sorts of political and bureaucratic nonsense?
Why the existing crypto-wallets and crypto-card can’t solve this problem? As this half-hearted solution is to glue more and more patches on the arm, mortified. You depend on a partner Bank where you do it.
And if you achieve some large amounts within its cash flow (and in fact the business strategy of banks-partners agree to such additional risk, is to «drown» your transactions in the core business, to avoid being noticed, but at the risk of receiving additional income), it does not negate the risk that the Bank and his older brothers (regulators and correspondent banks) will not be asked suddenly to work with you.
Check the limits on spending on such cards is great that these cards actually are, but the limits on them allows you to buy painless just coffee and t-shirts. For larger purchases or to conduct a full-fledged business such limits will not work. They only work with retail clients. What’s a company to do? Freelancers or entrepreneurs?
To give life to the new economy, only giving her a degree of freedom — the opportunity to take a risk, to try, to make mistakes and not be punished. Fear of making mistakes destroys any innovation is a proven axiom.
I must admit that the old rules and regulation if we really want to grow something new and useful to society, do not work. And new still do not, they have to create. So the regulator should regulate with caution and not as a judge but as a mentor.
Realizing that rules are only formed — you can’t punish the players for what was done before their introduction. You can’t regulate too hard that have not yet appeared and has not formed — so you can only kill.
We would like that if the regulation is in conflict with the logic, progress and benefits to customers — such regulation must be changed. Rules are not the Bible, they invented with an eye on yesterday, not tomorrow. They are created to help achieve any goal, and if the purpose changes, then the rules must change.
«Generation bubble» is not against the rules and regulation — but just for the fact that with existing financial institutions (or resistance) to form a new one. Because the old rules are not suitable for the new economy.
Sign this petition to Change.org to show that we are not alone. Try to correct the situation, identifying questions that concern us, problems that we would like to solve, and the principles on which to find consensus and dialogue.