Bulgarian Bank has stopped working with cryptocurrency

Is that just the beginning of a new banks trend against crypto, or just a local regulation?

This week, two Bulgarian cryptocurrency exchange sites announced that Fibank has blocked their accounts. Also, the Bulgarian First Investment Bank has terminated their contracts. The operators confirmed that they will continue to look for a solution in order to resolve the issue because they were not able to offer their services due to the termination of their contracts.

First investment Bank (FiBank) has officially announced that it will no longer work with cryptocurrency tradesmen according to a report from Saveti.bg from 7th December.
Before that, the Bulgarian bank only said that due to some technical issues the access to the traders’ accounts would be denied during the day.

It turned out that a huge part of the bank’s correspondent such as Моrgаn Сhаѕе, Соmmеrzbаnk and many more, with whom the Bulgarian bank works, have declined to accept transactions about cryptocurrency’ sale-trade. Also, all cryptocurrency traders have the opportunity to have plenty of their funds in order to pay off.

Fibank’s decision means that the Bulgarian cryptocurrency stock market will have to find another bank-partner. This will be a difficult task, because the Bulgarian Fibank was the only one in the country, which had been working with cryptocurrency.

Among the other Bulgarian banks only Central Corporative Bank had officially announced that it declines transaction with cryptocurrency, but unofficially all other banks are also not working with cryptocurrency.
Meanwhile, the payments to the International cryptocurrency trade markets such as coinbase are working normally.

The different theories about WHY this has happened?

Also, there are different theories about the situation. Some think that Fibank doesn’t have a good mechanism to sell coins and have a profit. Maybe that’s why it has stopped working with cryptocurrency. Other theory says that most of the banks are afraid of Bitcoin and that’s why they take precautions to destroy the cryptocurrency as we see due to the situation with Fibank. Another people think that the philosophy and technology which stand between Bitcoin and the bank system are totally different. Therefore, when they meet, the Bitcoin will crush the bank system because it’s new and modern technology.

What about the other international banks? Are they will follow Fibanks’ example? At that moment there is no such info.

Cryptocurrency such as Bitcoins continues to rapidly rise in value and that’s the main reason Bank of America, the second largest bank in the USA, has just won a patent for a crypto exchange systems a few days ago. This means they will intend to work with corporate clients and develop such business relations or just prepare to join the crypto system if the crypto starts taking the lead.