Hi All,
I keep reading stories like this:
Capital One Refuses to Let Customers Buy Cryptocurrency From Any ExchangeLink:
https://themerkle.com/capital-one-refuses-to-let-customers-buy-cryptocurrency-from-any-exchange/Seems like more and more banks are cutting people out from fiat/crypto transactions and this is a point of failure that could endanger wider adoption of cryptocurrency.
So, I just wanted to informally ask, how do you guys feel about the concept of a Federal Credit Union being chartered that specializes in dealing with cryptocurrency people and businesses?
Remember, a credit union is
owned by each account holder (members of the CU), they are non-profits and return any profit to their members as high interest and/or dividends. Federal credit unions are chartered by the National Credit Union Association and would be able to have account holders from people and businesses throughout the United States. If a CU were chartered, it would be built to specialize in the type of so-called "high risk" crypto/fiat transactions that scare the banks away (besides the existential thread to their business models, of course).
Properly implemented, a CU to specialize in crypto accounts would be a real benefit to not only people, but also to the businesses such as exchanges that need to perform crypto/fiat transactions en masse. It would offer the type of services that these FinTech businesses need (checking, savings, loan products, prepaid/debit/credit card issuance, ACH credit/debit, etc.) on an open and level field which would encourage more businesses to enter the market. I think that eventually, Bitcoin and other cryptocurrency will replace much of the need for traditional banking services, but for some time there will be a need for a "gateway" between crypto and fiat, and the choices of exchanges here in the US is pretty limited. A CU that enables a much easier path to opening other exchanges or other innovative crypto-related businesses could be a big help. And as a credit union, it's not about ripping customers off in the same way that commercial banks do. Credit unions are owned and governed by the members (account holders).
One of the projects that my non-profit is going to be pursuing is taking the steps to conduct a formal, statistically valid survey of interest among the "target member group", that would be cryptocurrency users and businesses. This is required to be done to charter a FCU. If there's interest, then the process to secure a charter and open the CU would take place. But this is not really an ad for BTRIC, it's me asking informally how the community feels about the need for a CU?
I am interested in your views about this. The feedback I've received from our BTRIC Founding Donors is that it is absolutely something that would be an asset to the field, but after reading yet another major bank (Capital One) blocking exchange transactions, I figured I'd post here and see what you all think.
Thanks for any thoughts you have.
Best regards,
Ben
