Blog Expert is the new series of Cointelegraph articles by the leaders of the world. crypto industry. It covers everything from Blockchain technology and cryptocurrencies to ICO regulation and investment analysis. If you want to become our guest author and be published on Cointelegraph, please send us an email to mike@cointelegraph.com

The total market capitalization of digital currency is determined by About $ 500 billion and the total funds raised by the ICOs now exceed $ 3 billion. However, bubble generation is not accepted by traditional banks (even by neo-banques). Various banks around the world are not satisfied with people who buy Bitcoin. We have seen several banks close customer accounts because of this activity.

South Korea has banned its traditional banks from trading in virtual currencies. The hyper-wired country has emerged as a hotbed for cryptocurrency trading, accounting for about 20 percent of global Bitcoin transactions. It's about 10 times its share of the global economy. About one million South Koreans are estimated to own Bitcoins. The South Korean government will also ban miners and foreigners from trading in virtual currency or creating bank accounts for them in the country.

Banks have little or no desire to get involved in Bitcoin and crypto-currencies. The bubble and the illicit activity associated with it, said the managing director of Credit Suisse. The ING Chief Financial Officer also emphasized cryptocurrency concerns, saying that while digital assets are an effective means of exchange, the bank did not advise clients to invest in them. The TD Bank is actually trying to block Bitcoin purchases, although the company does mostly routine checks in the appearance of things.

The PNC bank recently threatened one of its customers to buy Bitcoin. Barclays closed the account of a student after his transactions at Bitcoin. British banks avoid companies that manage cryptocurrencies, forcing many banks to open accounts in Gibraltar, Poland and Bulgaria. Anson Zeall, head of Singapore's Cryptocurrency and Blockchain Industry Association or Access, said his organization had heard of 10 companies that had problems with their banking relationships in Singapore. Chia Hock Lai, president of the Singapore Fintech Association, said some of the members of his organization had also experienced account closures

A few months ago, Visa announced the suspension of all cryptographic cards. outside the European Economic Area. It now turns out Mastercard will do exactly the same thing. Josh Brown, the managing director of Ritholtz Wealth Management, has bought some crypto. Yet Brown, who helps manage half a billion dollars, is not really a convert yet.

Let's call things by their own names – traditional banks hate crypto. But this hate comes from lack of understanding, fear of uncertainty and laziness rather than anger. Why do not banks want to understand your problems? First, they already have a large and understandable business and they are not interested in a new and small business. Second, imagine a compliance specialist. He / she is 40/50, not very well paid, with no career prospects.

Their mentality is built on the past (and not on the future) and their decisions are conditioned to avoid bad things instead of growing. the news. They see a lot of daily transactions and finally they see a strange transaction after crypto conversion, and … they block it. Why? Not because they are bad people. Just because they know nothing about Blockchain, cryptocurrencies and ICOs. In their world, "all that is weird is forbidden" and if they make a mistake, they will be fired and, therefore, they will send one or two pages of boring questions, and then simply block the account.

can not the 25 crypto-friendly and newborn cards eight crypto-supported neobanks by ICO can not solve this problem? As these are half-hearted solutions (it's like sticking more and more plasters on the affected gangrene arm). You depend on your partner bank and if you reach large amounts in its cash flow (in fact, the commercial strategy of these partner banks that accept such additional risk is to "drown" your transactions in their core business so that 39, they are not noticed, and receive additional income for risk), the risks that this bank will be approached by the top bankers (regulators and correspondent banks) and asked to stop working with you are not eliminated, but simply postponed to a later date. why I am looking for a bank in the United States to buy – just focus on this type of startup and this type of "source of funds".