Banks And Cryptocurrencies Global Evaluation: Europe

Various European representatives pushed for coordinated legislation to restrict cryptocurrencies during the G20 summit with no success.

Government organizations, politicians, regulators, and central banks that were present at the gathering discussed the instability of cryptocurrency markets and the potential for criminal activity.

Most nations initially understated the potential of Bitcoin and allowed cryptocurrency activity with little resistance, but now governments are taking a second look at how cryptocurrency and Blockchain tech will affect future labor markets, digital infrastructure, and financial institutions.

Still, many analysts believe the FCA is seeking positive regulatory changes aimed to attract cryptocurrency investors to the UK, especially if European regulators propose strict legislation for cryptocurrency markets.

Mike Carney, governor of the Bank of England, is a vocal critic of cryptocurrencies in England but says banning exchanges is not the best approach.

' The bank began rejecting accounts associated with cryptocurrencies in early March.

In more recent events, a group of Russian deputies headed by the chairman of the State Duma Committee on Financial Markets submitted a bill on March 20 that establishes a regulatory framework for cryptocurrencies and initial coin offering.

FranceThe Bank of France proposed a ban on investment companies in March to keep financial institutions from involvement in the cryptocurrency market until proper regulations are enacted.

FinlandThe promising cryptocurrency industry in Finland is being threatened by banks that refuse to conduct business with the country's largest virtual wallet service provider, Prasos Oy.Finnish banks are blocking transactions from major crypto-exchanges after rapid increases in transaction volume have left them concerned about their ability to determine the origins of funds and comply with AML laws due to the anonymous nature of the exchanges.

The Bank for International settlements has issued a warning to central banks to reconsider the impact and unknown risks associated with the cryptocurrency market.