British politicians want to know the extent to which the country’s banks have stifled cryptocurrency firms by denying them bank accounts and imposing restrictions on crypto-related payments, in a cross-party inquiry that started on Tuesday.
The UK’s Crypto and Digital Assets All-Party Parliamentary Group (APPG) is chaired by Lord Vaizey of Didcot, the former UK government minister for the digital economy, and Labor MP Gurinder Singh Josan CBE, according to a press release.
Ever since crypto came into existence, difficulties in obtaining banking connections have made life difficult for players in the space, with a systematic debanking of companies and individuals, especially in the United States, being referred to as “Operation Chokepoint 2.0.”
Several major UK banks have also introduced restrictions on crypto-related payments, APPG said in a statement. As such, the investigation will focus on the lack of bank accounts for crypto businesses, including associated professional services such as insurance.
