If there is a God, he has a great sense of humor.
Rabobank. one of the largest banks in Holland, was on record as late as last week turning down potential cryptocurrency entrepreneurs for bank accounts.
In a case with ties to Mexican drug cartels, Rabobank's California division pleaded guilty to conspiracy and was served with a multimillion dollar fine.
Despite these reprimands, no bank officials have been served with custodial sentences involving jail time. God bless America.
You would think that the Netherlands would have a more open policy towards cryptocurrency. Amsterdam was, for many years, one of the only places in the modern West where you could buy as many marijuana, mushrooms and hookers as you could afford.
But it seems that the country's liberal views on substance abuse do not carry over to their banking system. And similar to the rest of the world, it seems that the technology and banking worlds are butting heads here as well.
As with nearly everything in our world, it's all about the money. When Rabobank accepts illegal money from Mexican drug cartels, they are able to extract a sizable bribe. But the same cannot be done for legit cryptocurrency entrepreneurs, as they are operating ostensibly legal businesses.
While the rest of the world struggles to define their own relationship with cryptocurrency, one thing is for sure: countries that fail to adapt to this new paradigm will be left in the dust.
What do you think about #cryptocurrency regulation in the #Netherlands and abroad?
Tell me in a comment below!
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