UK Government Urged to Review Chase Bank’s Anti-Crypto Policy
The crypto advocacy group Bitcoin Policy UK has called on the British government to review Chase Bank’s new policy of blocking all cryptocurrency payments. In a letter sent to Economic Secretary to the Treasury Andrew Griffith MP, the group expressed concern about the decision made by J.P. Morgan Europe Ltd, trading as Chase Bank, to decline all crypto-related payments starting from October 16.
“It is, of course, the stated policy of this Government that the U.K. become a crypto asset hub, but it is hard to square this policy aim with the actions of this U.K.-regulated bank,”
Last year, Prime Minister Rishi Sunak stated his ambition to make the U.K. a global hub for crypto asset technology. The letter from Bitcoin Policy UK also cited former Economic Secretary to the Treasury John Glen MP’s statement that the government wants the U.K. to be “the very best place in the world to start and scale crypto-companies.”
Concerns About Financial Freedom and Arbitrary Decision
Bitcoin Policy UK highlighted that the purchase, ownership, and sale of crypto assets are legal activities in the U.K., and many regulated exchanges offer these services. The group expressed alarm at Chase Bank’s decision, as it restricts customers from spending their money lawfully in a sector supported by government policy and regulated by authorities that oversee the bank itself.
The group also disputed Chase’s claim that the crypto sector is particularly fraudulent compared to others, citing data from blockchain analytics firm Chainalysis. They further raised concerns about a trend towards financial censorship and restriction of financial freedom in the U.K.
Call for Review and Coinbase CEO’s Criticism
Bitcoin Policy UK concluded its letter by urging the government to review Chase Bank’s decision, emphasizing that it is a highly questionable step for a U.K.-regulated bank to take. Last week, Coinbase CEO Brian Armstrong also criticized Chase’s anti-crypto policy and encouraged the bank’s customers to consider closing their accounts.
Hot Take: Upholding Government Policy in Crypto Regulation
The decision by Chase Bank to block all crypto payments has drawn criticism from Bitcoin Policy UK and Coinbase CEO Brian Armstrong. It raises concerns about financial censorship, restriction of financial freedom, and the inconsistency with the U.K. government’s aim to establish itself as a global hub for crypto asset technology. Upholding government policy and enabling innovation in the crypto sector should be prioritized to foster growth in the U.K. economy.
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