the problem is with the banks is that they do not mind you passing money to other people in the UK such as local bitcoins or bitbargain.
what they dont like is seeing the good old UK pound sterling leaving the UK for a european/US bank (exchange).
as for the proposed UK exchange that max keiser is involved in. i will just reveal this....
Amir Taaki is also involved.......
im not personally judging amirs lifestyle choices.. but from a business prospective. the guy behind intersango which flopped, who was behind the bitcoin london conference which made alot of profit .. but is now living in abandoned offices... is not someone whom i would have alot of trust in.
but that being said he is a good coder
Topic: The UK Public & Bitcoin - page 2. (Read 6394 times)
Now TransferWise have had the rug pulled from under them: Their bank has told them to stop transferring money to Bitcoin exchanges.
http://transferwise.com/blog/2013-04/notice-to-bitcoin-users-april-2013
The UK banking system is a joke. They don't like the competition, for sure.
http://transferwise.com/blog/2013-04/notice-to-bitcoin-users-april-2013
The UK banking system is a joke. They don't like the competition, for sure.
Quote
Notice to Bitcoin users - April 2013
As you may have noticed, we stopped processing transfers to Bitcoin exchanges this week. We’re very sorry.
In many respects it breaks our heart to have taken this step (we’re a firm that champions financial innovation after all), but our banking providers are not comfortable with Bitcoin and want us to restrict payments to these firms. This is happening everywhere - notably Bitfloor and Bitcoin-24 shut themselves down recently.
The banks – just like everyone else in the sector – are nervous because they don't know what to think of Bitcoin. The regulators and politicians’ silence on the topic leaves us all in the dark.
Financial firms make choices on the basis of clear rules. Without them, things like Bitcoin fall into the hands of those who use it for illegal activities. This leaves businesses like ours that meet their obligation to anti-money laundering and “Know Your Customer” procedures unable to deal with it.
It’s a shame because Bitcoin offers solutions to some of the absurdities of the traditional banking system. For example, a virtual currency like Bitcoin could dramatically speed up and reduce the cost of sending money abroad. It’s ridiculous that it can take four banks (all taking a cut) over a week to send dollars from a UK company to a Chinese producer. Implementing this change alone could save the real economy billions of pounds in card fees and transaction costs every year.
And it’s not just the big guys that would benefit. It could transform the prospects of millions of small businesses. The reduced cost and simplicity of a digital currency could circumvent laborious bank processes and give small merchants quick, fairly-priced access to online and mobile payments.
But to gain any of these benefits, the financial regulators need to take a stand. They have many questions to answer - how should the banks treat Bitcoin? Should it be regarded as cash or something new? Are new and specifically tailored “Know Your Customer” rules necessary? Unless the banks are told what is expected of them, they will happily keep on blocking Bitcoin, and consequently blocking our hope for financial innovation.
by Kristo Kaarman, TransferWise co-founder
As you may have noticed, we stopped processing transfers to Bitcoin exchanges this week. We’re very sorry.
In many respects it breaks our heart to have taken this step (we’re a firm that champions financial innovation after all), but our banking providers are not comfortable with Bitcoin and want us to restrict payments to these firms. This is happening everywhere - notably Bitfloor and Bitcoin-24 shut themselves down recently.
The banks – just like everyone else in the sector – are nervous because they don't know what to think of Bitcoin. The regulators and politicians’ silence on the topic leaves us all in the dark.
Financial firms make choices on the basis of clear rules. Without them, things like Bitcoin fall into the hands of those who use it for illegal activities. This leaves businesses like ours that meet their obligation to anti-money laundering and “Know Your Customer” procedures unable to deal with it.
It’s a shame because Bitcoin offers solutions to some of the absurdities of the traditional banking system. For example, a virtual currency like Bitcoin could dramatically speed up and reduce the cost of sending money abroad. It’s ridiculous that it can take four banks (all taking a cut) over a week to send dollars from a UK company to a Chinese producer. Implementing this change alone could save the real economy billions of pounds in card fees and transaction costs every year.
And it’s not just the big guys that would benefit. It could transform the prospects of millions of small businesses. The reduced cost and simplicity of a digital currency could circumvent laborious bank processes and give small merchants quick, fairly-priced access to online and mobile payments.
But to gain any of these benefits, the financial regulators need to take a stand. They have many questions to answer - how should the banks treat Bitcoin? Should it be regarded as cash or something new? Are new and specifically tailored “Know Your Customer” rules necessary? Unless the banks are told what is expected of them, they will happily keep on blocking Bitcoin, and consequently blocking our hope for financial innovation.
by Kristo Kaarman, TransferWise co-founder
Not any more, currently there is no way to add funds from UK on blockchain.info.
And yet they (erroneously it seems) still show Sofort as a legit UK funding option. *sigh*
I think I mentioned that before, I signed up only to find out that they do not allow UK deposits anymore, it seems they have conveniently forgotten to update.
Not any more, currently there is no way to add funds from UK on blockchain.info.
And yet they (erroneously it seems) still show Sofort as a legit UK funding option. *sigh*
Not any more, currently there is no way to add funds from UK on blockchain.info.
BitStamp have upped their game. I made a deposit via TW last Friday. It was a priority payment to my BitStamp account. The funds were available 4 hours later.
IIRC Max Kieser said he's trying to build a new London exchange.
Seem to recall this also, has there been any news regarding any other possible uk exchanges that may be on the horizon?
Not that I've heard of. Which is a shame as an exchange with access to free and instant UK internet banking transfers would have a lot of business.
I thought I would bold this just in case people with the capital are weighing up the pros and cons, don't let size and modesty fool you in regards to the UK!
IIRC Max Kieser said he's trying to build a new London exchange.
Seem to recall this also, has there been any news regarding any other possible uk exchanges that may be on the horizon?
Not that I've heard of. Which is a shame as an exchange with access to free and instant UK internet banking transfers would have a lot of business.
IIRC Max Kieser said he's trying to build a new London exchange.
Seem to recall this also, has there been any news regarding any other possible uk exchanges that may be on the horizon?
Also, isn't BitStamp a UK limited company ...
Though I could not find mention of them on the HMRC/FSA registers to show that they are compliant with the AML stuff...
Though I could not find mention of them on the HMRC/FSA registers to show that they are compliant with the AML stuff...
Supposing a UK based exchange did manage to satisfy the banks and regulatory agencies that it was in compliance with all the relevant legislation, would anyone actually use it?
The Money Laundering / Terrorism / Payment Services regulations would seem to suggest that a compliant UK exchange would look something like this ...
Registration would involve:
- Sending a certified copy of Passport / Driving Licence (that is, a copy signed by e.g. an accountant / notary / bank manager).
- And a certified copy of a recent bank statement (not an online one!).
- Entering your address history for the last three years.
- Consenting to a credit check / electoral roll search.
- Waiting for a secret code to arrive by post and entering that to verify current address.
There would be no ability to send or receive bitcoins other than to/from a single bitcoin address you control. Changing that bitcoin address would probably require a lengthy process involving sending documents by post.
Deposits and withdrawals would involve paying a 1% fee to cover bank charges (faster payments aren't free for businesses). They would only be possible to/from your verified bank account (which must be in your name).
The Money Laundering / Terrorism / Payment Services regulations would seem to suggest that a compliant UK exchange would look something like this ...
Registration would involve:
- Sending a certified copy of Passport / Driving Licence (that is, a copy signed by e.g. an accountant / notary / bank manager).
- And a certified copy of a recent bank statement (not an online one!).
- Entering your address history for the last three years.
- Consenting to a credit check / electoral roll search.
- Waiting for a secret code to arrive by post and entering that to verify current address.
There would be no ability to send or receive bitcoins other than to/from a single bitcoin address you control. Changing that bitcoin address would probably require a lengthy process involving sending documents by post.
Deposits and withdrawals would involve paying a 1% fee to cover bank charges (faster payments aren't free for businesses). They would only be possible to/from your verified bank account (which must be in your name).
Do you think registering for a UK compliant exchange would require significantly more effort than say getting a verified Paypal account? Though I suppose it may depend on the size of the funds the customers need to move around.
There are a fair few business bank accounts that offer free FPS transfers - Barclays for one.
I think its about time someone made the effort to start a legit exchange in the UK that complies with the regulations and doesn't get its accounts shut down!
IIRC Max Kieser said he's trying to build a new London exchange.
Supposing a UK based exchange did manage to satisfy the banks and regulatory agencies that it was in compliance with all the relevant legislation, would anyone actually use it?
The Money Laundering / Terrorism / Payment Services regulations would seem to suggest that a compliant UK exchange would look something like this ...
Registration would involve:
- Sending a certified copy of Passport / Driving Licence (that is, a copy signed by e.g. an accountant / notary / bank manager).
- And a certified copy of a recent bank statement (not an online one!).
- Entering your address history for the last three years.
- Consenting to a credit check / electoral roll search.
- Waiting for a secret code to arrive by post and entering that to verify current address.
There would be no ability to send or receive bitcoins other than to/from a single bitcoin address you control. Changing that bitcoin address would probably require a lengthy process involving sending documents by post.
Deposits and withdrawals would involve paying a 1% fee to cover bank charges (faster payments aren't free for businesses). They would only be possible to/from your verified bank account (which must be in your name).
The Money Laundering / Terrorism / Payment Services regulations would seem to suggest that a compliant UK exchange would look something like this ...
Registration would involve:
- Sending a certified copy of Passport / Driving Licence (that is, a copy signed by e.g. an accountant / notary / bank manager).
- And a certified copy of a recent bank statement (not an online one!).
- Entering your address history for the last three years.
- Consenting to a credit check / electoral roll search.
- Waiting for a secret code to arrive by post and entering that to verify current address.
There would be no ability to send or receive bitcoins other than to/from a single bitcoin address you control. Changing that bitcoin address would probably require a lengthy process involving sending documents by post.
Deposits and withdrawals would involve paying a 1% fee to cover bank charges (faster payments aren't free for businesses). They would only be possible to/from your verified bank account (which must be in your name).
Do you think registering for a UK compliant exchange would require significantly more effort than say getting a verified Paypal account? Though I suppose it may depend on the size of the funds the customers need to move around.
There are a fair few business bank accounts that offer free FPS transfers - Barclays for one.
I think its about time someone made the effort to start a legit exchange in the UK that complies with the regulations and doesn't get its accounts shut down!
Has anyone tried bitcoin.de? They say they accept moneybookers which is identical to paypal.
There are some things only Bitcoin can buy... Whatever your view on the wares they peddle, these businesses are pretty much the main and only real economic justification for Bitcoins - they force it to be used as a currency not hoarded as a commodity. If not for them Bitcoin would likely exist only as a curiosity. For those who are wondering which businesses I'm talking about specifically; Silk Road, Black Market Reloaded and all the other darknet enterprises that offer 'legally ambiguous' wares and services. (read: websites running on the Tor - https://www.torproject.org/ - network)
Very funny and ironic, but i started selling on Bitbargain today and the markups are less than 10%.
One seller is selling for £64 as we speak the mtgox rate is £62.48.
I dont know if things are like this for today only, but as the sellers on both websites increase the competition is fierce. I am telling you its a bloodbath out there, i simply can't compete anymore. FYI i am selling at 6% mtgox rate.
Considering the fees involved with other methods, today the UK is king.
Check it out for yourself if you like.
One chap on localbitcoins is selling for £61.99
These dirt cheap prices in UK might be a sign that demand for bitcoin is dwindling.
Thought i would jump the bandwagon and share the spoils having seen the average markups of the past couple of weeks, seems like i am too late.
One seller is selling for £64 as we speak the mtgox rate is £62.48.
I dont know if things are like this for today only, but as the sellers on both websites increase the competition is fierce. I am telling you its a bloodbath out there, i simply can't compete anymore. FYI i am selling at 6% mtgox rate.
Considering the fees involved with other methods, today the UK is king.
Check it out for yourself if you like.
One chap on localbitcoins is selling for £61.99
These dirt cheap prices in UK might be a sign that demand for bitcoin is dwindling.
Thought i would jump the bandwagon and share the spoils having seen the average markups of the past couple of weeks, seems like i am too late.
No its just UK banks charge extortionate fees for international and even just EU intra-SEPA transfers for UK personal accounts. You can tho use TransferWise to get money into Bitstamp or MtGox for just £1 but I'm not sure if it works the same for withdrawals.
My bank charges £25 per SEPA transfer, what a joke!
I know, the UK is part of the SEPA zone it should take a similar time and cost for a SEPA transaction in the UK as else where in the zone. I know they have to convert GBP/EUR but that shouldn't be too expensive as all big money transfers is basically just binary and not the exchange of actual notes and coins. The more stupid the banks are like that the bigger a benefit for bitcoins even if it makes it more expensive as a whole to buy bitcoins in the UK due to the costs of international arbitrage.
If you look back the 1980's there was a limit on the amount of money you could take on holiday out of the UK. The current situation is probably in effect due to the legacy of that monetary policy. Until a similar time you wasn't even allowed to buy physical bullion you needed a coin collectors license.
The big problem is that the cat is out of the bag for bitcoin. The regulators know it exists, and are already putting things in place to stop it becoming an issue in the future.
I still think looking at the way telecom companies sell credits is a viable way to sell bitcoins, but because everyone knows bitcoins are a currency, its not going to take a genius to see that just calling them credits is going to have any effect.
Maybe the answer is to cut the cord between fiat and bitcoin in the UK? Treat bitcoins as a poker chip which represents a real value, but in itself has no value. We would possibly need a lawyer to work out the wording, but if we had an agreement that retailers could buy and sell with bitcoins as long as they redeemed them at a fixed price with an official of some sort, we could make the process of getting on board as a user much easier?
God, I hate the way paperwork is so overwhelming in the UK!!
I still think looking at the way telecom companies sell credits is a viable way to sell bitcoins, but because everyone knows bitcoins are a currency, its not going to take a genius to see that just calling them credits is going to have any effect.
Maybe the answer is to cut the cord between fiat and bitcoin in the UK? Treat bitcoins as a poker chip which represents a real value, but in itself has no value. We would possibly need a lawyer to work out the wording, but if we had an agreement that retailers could buy and sell with bitcoins as long as they redeemed them at a fixed price with an official of some sort, we could make the process of getting on board as a user much easier?
God, I hate the way paperwork is so overwhelming in the UK!!
No its just UK banks charge extortionate fees for international and even just EU intra-SEPA transfers for UK personal accounts. You can tho use TransferWise to get money into Bitstamp or MtGox for just £1 but I'm not sure if it works the same for withdrawals.
My bank charges £25 per SEPA transfer, what a joke!
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