UK Government Urged to Review Chase Bank’s Policy to Decline Crypto Payments

Bitcoin Policy UK has urged the British authorities to reappraisal Chase Bank’s argumentation to diminution each crypto payments. “It is, of course, the stated argumentation of this Government that the U.K. go a crypto plus hub, but it is hard to quadrate this argumentation purpose with the actions of this U.K.-regulated bank,” the crypto advocacy radical wrote.

UK Government Urged to Review Chase Bank’s Anti-Crypto Policy

Bitcoin Policy UK sent a missive to Economic Secretary to the Treasury Andrew Griffith MP, connected Sept. 28, raising concerns astir Chase Bank’s caller argumentation to artifact each crypto payments. Chase is simply a registered trademark and trading sanction of J.P. Morgan Europe Ltd. The British slope informed its customers successful the U.K. past week that it volition decline each crypto-related payments opening Oct. 16.

“We constitute to explicit our heavy interest regarding the caller determination by Chase Bank to diminution lawsuit payments relating to crypto assets,” the crypto advocacy radical wrote, adding:

It is, of course, the stated argumentation of this Government that the U.K. go a crypto plus hub, but it is hard to quadrate this argumentation purpose with the actions of this U.K.-regulated bank.

Britain’s Prime Minister Rishi Sunak stated successful April past year: “It’s my ambition to marque the U.K. a planetary hub for crypto plus technology.” He was the country’s Chancellor of the Exchequer astatine the time.

In its letter, Bitcoin Policy UK cited Chief Secretary to the Treasury John Glen MP, erstwhile Economic Secretary to the Treasury, stating successful April past twelvemonth that the British authorities wants the U.K. to beryllium “a planetary hub — the precise champion spot successful the satellite to commencement and standard crypto-companies.” The missive added that little than 9 months later, Griffith himself published proposals for crypto plus regularisation and stated astatine the clip that the British authorities remained “steadfast” successful its committedness to turn the system and alteration technological alteration and innovation, including “crypto plus technology.”

The crypto advocacy radical noted that “the purchase, ownership, and merchantability of crypto assets are lawful activities successful the U.K.,” adding that “the bulk of the exchanges offering crypto plus services are themselves regulated.” The radical stressed:

It is alarming connected galore fronts to witnesser a slope specified arsenic Chase, regulated by the FCA and the PRA, deciding arbitrarily to forestall its customers from spending their wealth successful a lawful mode and successful a assemblage that is intelligibly supported some arsenic a substance of Government argumentation and progressively regulated by the aforesaid bodies that modulate that slope itself.

The Financial Conduct Authority (FCA) is Britain’s apical fiscal regulator, portion the Bank of England prudentially regulates and supervises fiscal services firms done the Prudential Regulation Authority (PRA).

Bitcoin Policy UK besides elaborate that information from blockchain analytics steadfast Chainalysis does not support Chase’s presumption that the crypto assemblage “is peculiarly fraudulent compared with immoderate other.” In its missive to customers, Chase claimed that its crushed for the argumentation alteration is to support their wealth “safe from fraud and scams.”

The crypto advocacy radical further expressed concerns that Chase’s determination is “yet much grounds of a concerning inclination successful the U.K. towards fiscal censorship and the regularisation of fiscal freedom.” Moreover, “It should not beryllium arguable to affirm that U.K. citizens ought to person the close to walk their ain wealth freely from their slope accounts for immoderate lawful purpose,” the radical stated.

“In short, this is an arbitrary and capricious argumentation determination made by a slope taxable to U.K. regulation, that volition forestall U.K. citizens from spending their wealth lawfully and arsenic they spot fit,” Bitcoin Policy UK’s missive concludes, emphasizing:

It is simply a highly questionable measurement for a U.K.-regulated slope to instrumentality and we impulse the Minister and the Government to reappraisal this decision, peculiarly successful airy of the stated argumentation aims of this Government.

Last week, Coinbase CEO Brian Armstrong criticized Chase’s anti-crypto policy, urging the bank’s customers to see closing their accounts.

Do you deliberation Chase Bank volition reverse its determination to diminution crypto transactions? Let america cognize successful the comments conception below.