George Harrap continued on the ironic problem.
Hong Kong Banks Shun Bitcoin, Driving Startups to Seek
Gatecoin is one of several Hong Kong.
Bitcoin operators that got foreign banking support after account freezes.
Bitcoin business sector is feeling uncertain as local exchange Gatecoin loses its banking services.
Hong Kong banks have frozen and closed accounts of bitcoin businesses, forcing the companies to open foreign accounts, according to the South China Morning Post.
Source: The Cointelegraph Published.
However, the government did warn people of the volatility. Don't have a wallet? However, some exchanges might require you to get a cryptocurrency wallet first in order to store the Bitcoin purchased. The new resistance in Hong Kong jars noticeably with the local banking sectors appetite for Blockchain, Cointelegraph reporting last week that twenty had signed up for a trade network with Singapore using the technology. Table of Contents, hong Kongs, bitcoin business sector is feeling uncertain as local exchange Gatecoin loses its banking services. Banks throughout the world have often posed problems for cryptocurrency outfits, with institutions arbitrarily shutting down bank accounts without warning temporarily or permanently. Regulation requires regular reporting and maintenance of records, which means that crypto exchanges might enforce higher fees on users. However, as the Hong Kong government doesnt recognize Bitcoin as a store of value of payment mode yet, payments using cryptocurrencies will take some time before taking off. As it turns out, the Hong Kong special administrative region is now in process of formalizing regulations with an aim of protecting investor interest in light of the drop. Bitcoin ecosystem in Hong Kong will go through a transition pain, though that could lead to long-term gains once the unscrupulous elements are weeded out. The Regulatory Environment, hong Kongs Securities and Future Commission is planning to put in place strict rules to bring. In case you dont have a wallet, you can read our guide on the Best Bitcoin and Cryptocurrency Wallets to choose one.
Banks shun bitcoin in hongkong