[2014-09-16] Banks Cut Ties with Isle of Man Bitcoin Industry

[dwdoc]

http://www.coindesk.com/banks-cut-ties-isle-mans-bitcoin-industry/

Capital Treasury Services (CTS), the company that links bitcoin businesses to banks in the Isle of Man, is to cut ties with the digital currency sector as of next month.

CTS, which is a subsidiary of Capital International Group, currently works with a number of digital currency companies in the Isle of Man, acting as their banking solution.

The company is not a bank, but a treasury service, which holds funds for a number of companies across a variety of sectors.

It works with banking partners, including HSBC and RBS in order to clear customer funds. Pressure from these banking partners has forced CTS to withdraw its services from companies in the digital currency space.

[PatMan]

In typical UK banking style........

[notthematrix]

This was expected.
and this will solve it self.


"Benz stressed that the CTS is still very keen to work in the digital currency space, but it is not able to do so without the support of its banking partners.

Simon Hamblin, CEO of Isle of Man-based bitcoin, gold and sterling exchange Netagio, told CoinDesk he has been approached by a number of alternative finance providers in other jurisdictions keen to work with his company."


Like http://www.bitcoin.sc/ seyshelless.....

[RustyNomad]

Government backed it as they saw the potential in as far as growth for the economy was concerned....

Banks blocked it as they saw a treat to their operations.....

Guess we can expect the banks to do the same in most other countries.

[notthematrix]

https://www.kipochi.com/belize/bitcoin
http://fastoffshore.com/2014/06/bitcoin-island-jersey-aims-to-become-world-leader-in-digital-currencies/

no close down notice https://secure.netagio.com/?a_aid=BITCOIN

[CoinMode]

If banks don't want to let bitcoiners use them, then that is great. I never need a bank again for the rest of my life. I can buy houses, cars, computers and clothes without any bank. Besides, lending money with interest is an inherently immoral practice. It was banned in Europe for hundreds of years, during which time there were exactly zero large financial depressions.

I've never had a credit card and never taken out a loan, and, thanks to bitcoin and crowdfunding, I'll never have to become a financial slave to any institution.

[cryptofan5]

Bitcoin industry is aiming to operate outside the banking sector. if there would be more bitcoin related services, perhaps at some point the interaction between bitcoin and banks could be minimal.

[notthematrix]

http://www.capital-iom.com/?p=2625 noting about the subject on Capiptal International
and notting here http://www.tgbex.com/
the Manx Digital Currency Association is the organisation is for lse of man
The uk Digital currency Association HAS NOTING to do with this!
http://www.mdca.im/ the UK Digital currency Association has this website  http://www.ukdca.org/

[LiteCoinGuy]

there are hunderds of banks worldwide. competition will drive the innovation.


BTC