Digital currency’s total market capitalization is around $500 bln and the total funds raised through ICOs now exceeds $3 bln. However, the Bubble Generation isn’t accepted by traditional banks (even by neobanks). Various banks around the world are not happy about people buying Bitcoin. We have seen multiple banks close customer accounts because of this activity.
South Korea banned its traditional banks from dealing in virtual currencies. The hyper-wired country has emerged as a hotbed for cryptocurrency trading, accounting for some 20 percent of global Bitcoin transactions. That’s about 10 times its share of the world economy. Roughly one mln South Koreans are estimated to own Bitcoins. South Korea’s government also will ban minors and foreigners from trading in virtual currency or creating bank accounts for them in the country.
Banks have "little or no appetite" to get involved with Bitcoin and cryptocurrencies due to fears of a bubble and illicit activity associated with it, the chief executive of Credit Suisse said. The chief financial officer of ING also weighed in on cryptocurrency worries, saying that although digital assets are an effective means of exchange, the bank was not advising clients to in invest in them. TD Bank is actually trying to block Bitcoin purchases as well, although the company is mainly performing routine checks by the looks of things.