British politicians want to know the extent to which the country’s banks stifled cryptocurrency companies by denying them bank accounts and introducing restrictions on crypto-related payments, as part of a cross-party investigation launched on Tuesday.
The UK All-Party Parliamentary Group on Crypto and Digital Assets (APPG) is chaired by Lord Vaizey of Didcot, a former UK government minister for the digital economy, and Labor MP Gurinder Singh Josan CBE, according to a press release.
Since the emergence of cryptocurrencies, the difficulties associated with establishing banking relationships have made life difficult for players in the sector, with the systematic unbanking of businesses and individuals, particularly in the United States, being called “Operation Chokepoint 2.0”.
Several major UK banks have also introduced restrictions on crypto-related payments, the 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.
