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NatWest bans business customers who accept Bitcoin, CoinCorner CEO comments

NatWest bans business customers who accept Bitcoin, CoinCorner CEO comments | Fintech Finance
Comments by Danny Scott, Co-Founder/CEO at CoinCorner
The news that Natwest will refuse to serve business customers who accept Bitcoin is nothing but another attempt by a bank to try and stifle the inevitable success of Bitcoin.

With increased attention on Bitcoin over the last year – following the economic turmoil as a result of coronavirus – banks are most likely feeling threatened as both consumers and businesses are starting to embrace the cryptocurrency.Businesses of all sizes are now accepting Bitcoin, but most are small, independent retailers who are trying to find ways to attract new customers and salvage what is left of their livelihood as we come out of the other side of a global pandemic. Natwest should be doing everything to support these businesses, not abandoning them during this vulnerable time.

At CoinCorner, we’ve seen a big jump in the number of businesses enquiring about and adding Bitcoin as a payment method. We launched CoinCorner Checkout – our Bitcoin payment solution for UK businesses – in 2019 but have onboarded the majority of our new merchant partners over the last 6-months.

Banks and Bitcoin businesses have had a rocky relationship in the past, but we thought progress was being made – we’ve recently seen Morgan Stanley and Goldman Sachs announce plans to offer Bitcoin to their clients – but banks are unpredictable and it can often feel like one step forward, two steps back. This move is interesting from Natwest, as they are comfortable allowing businesses to accept physical cash, which is far more untraceable than Bitcoin.
As a Bitcoin business ourselves, all we can do is ensure that we continue to operate in a compliant and safe manner, in order to help banks feel more comfortable with Bitcoin and the businesses that operate within the industry.

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