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Barclays backs out of Bitcoin

Cryptocurrency | Inside Crypto Today

British banking giant has reportedly decided to back out of Bitcoin and close their cryptocurrency trading desk – just months after it was established. According to rumours from people claiming to be connected to the project, the idea has been shelved for the foreseeable future. Given the continued uncertainty around the health of the wider cryptocurrency market (and of course the UK’s relentless refusal to adapt to it) it is perhaps not a great surprise – and one that other UK banks will no doubt be smug about, on account of being able to hang on the back foot rather than be forced to invest in competing in a market that is still volatile and unpredictable.

With no official statement from Barclays on the real reasons behind the decision, we can only speculate, but the likelihood is that the all too familiar excuse of organised crime will pop up once again, especially give the opinion of Barclays CEO Jes Staley, who recently advised attendees at the bank’s annual general meetings to exercise caution while dealing with cryptocurrencies, on the basis of there being a “possibility of cryptocurrencies being used for activities that the bank wants to have no part of.”

Sorry, Mr Staley, but that same risk is also very much present with traditional fiat currencies – but you are still happy to trade in them…

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Jowan Alexis
Staff writer at Crypto News Today. A journalist with an unhealthy obsession for all things Crypto. Crypto investor.

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