Quote from: Flexystar on April 03, 2023, 08:32:07 AM

Prime minister Sunak led the country to the UK, and his dream to make the UK a Crypto Hub is breaking apart considering the main system is ignoring the whole concept of what the PM stated in the first place.

With the recent news, UK banks are not accepting any Crypto-associated users and companies to open their bank accounts with them, banks are also freezing the accounts of current users/companies, and those who have accounts already approved, are asking for more and more documentation.

In short, they do not want anyone to operate crypto-related accounts.

On the other hand, Gordon Duff said that European Union is also trying to make efforts which are in turn making various banks "receptive" to the technology but the UK is doing exactly the opposite to that.

It also contradicts Rishi Sunak's statement associated with Royal Mint NFT creation which is:

Quote

Chancellor @RishiSunak has asked @RoyalMintUK to create an NFT to be issued by the summer.

This decision shows the the forward-looking approach we are determined to take towards cryptoassets in the UK.

It should come as no surprise really, a lot of crypto related companies are under pressure right now because Silicon Valley Bank was actually a rather key player in allowing them to handle the volume of transactions that they were doing - even if SVB did not structure themselves correctly. As we see with recent P2P exchanges being shut down due to pressure from US regulators, they are easy targets and scape goats for financial regulators right now, especially when their are jitters in the banking sector. Things like a Royal Mint NFT are simply gimmicks and distractions, it's worthless even mentioning them in this context. Any politician who claims to be friendly to cryptocurrency is often using it as a self marketing tool, to appeal to a certain crowd, but few seem to stick by it in the long run.