“We were informed this morning by our bank that the last remaining Bitcoin-friendly charter bank, Bank of Montreal, is closing all Bitcoin-related business accounts across Canada. Despite the fact that Cointrader has already implemented an anti-money laundering regime to comply with potential Fintrac regulations which was vetted by BMO itself, the bank has decided to sever our account as well.”
This story originally broke yesterday on Coindesk, but if they’re going to keep pushing forward with this version of events–CoinTrader’s–then I think it could be a reasonable damper. Actual governmental hostility on the part of Canada would be very hurtful to Bitcoin, and I think we are starting to see it manifest. Along with these events, there was a recent quote from the Canadian Finance Minister, Jim Flaherty:
“It is important to continually improve Canada’s regime to address emerging risks, including virtual currencies, such as Bitcoin, that threaten Canada’s international leadership in the fight against money laundering and terrorist financing.”
When will politicians start to realize how hard it is to launder money with Bitcoin once Bitcoin is actually being used? Because seriously–a completely open-information system of payments? You really think that is going to long-term help criminals, drug-dealers, and money-laundering terrorists?