“A lot of people are sending money to their relatives in Venezuela and they want a cut of that,” Venezuelan Eduardo Gómez tells Bitcoin Magazine in an interview.
The Bermuda Monetary Authority has spearheaded a new bill that will establish a novel, restricted banking license to encourage banks to provide their services to fintech companies.
Currently for large issuers, it’s a given that you simply have to use investment banks. But assuming regulatory compliance, it doesn’t need to be this way.
In reply to a Right to Information query filed by a local lawyer, the bank revealed that its decision to ban cryptocurrency-related accounts was made without due consultation or study.
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