.BitcoinSuisseAG's chairman says the EU is unlikely to ban crypto altogether but will instead look to separate it from the traditional finance industry. _franvela reports
Building a firewall that separates crypto from the traditional financial system may be the best approach to keep the digital asset industry alive in the European Union, Luzius Meisser, chairman of crypto firm Bitcoin Suisse, told CoinDesk TV’s “All About Bitcoin” on Monday.
“Their intention is to protect, to shield, the traditional financial system from the toxicity of the crypto economy,” Meisser said. “But maybe, it also helps protect cryptocurrencies from the traditional financial systems with all its faults and mistakes.”on banks looking to hold crypto by requiring firms to hold a euro of their own capital for every euro held in crypto.
“It means for every bitcoin you hold for a client, you need to have one bitcoin on top of that in equity,” Meisser said. “It basically prohibits banking with bitcoin,” he later added. As part of the Committee's rules, it would also mean that crypto would not be recognized as collateral, Meisser said, making it more difficult for a bank to issue a client a loan in the future for example. Doing so would only give banks the runway to store crypto for their clients, he said.
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