Bitcoin Won’t Destroy Traditional Banking Says Bitcoin Barrister

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Cryptolina Bitcoin Expo to Be Held On August 15-16, 2014
Cryptolina Bitcoin Expo to Be Held On August 15-16, 2014

Talking to the Wall Street Journal, 33 year old Eitan Jankelewitz, a lawyer in the Technology Practice at London-based Sheridan’s, says that though crypto-anarchists may assume that Bitcoin is going to destroy 400 years of banking, he does not agree. He says although banks are reluctant to provide services to Bitcoin business, it is not that they feel threatened but they feel Bitcoin is unknown quantity.

Banks don’t know if they’re going to get fined as a result of the lack of any common approach by the legislative authority. Also, there are a lot of cases of some Bitcoin companies non-complying with the money-laundering regulation and being punished for that. This has generated a feeling among the banks they feel it chaotic to invest in Bitcoin.

Eitan Jankelewitz says that the banks don’t know what’s going on all of the time because the regulators aren’t doing anything a lot of the time. For instance, he cites an example wherein when someone goes to a bank to open a bank account, what he gets to know is that the bank tells him to go to the regulator.

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No Headway in Bitcoin Regulation or Laws

The same Bitcoin business then goes to the regulator and asks it to create some regulation for Bitcoin. Then the regulator says to the Bitcoin company: when you have a business then it will regulate them, otherwise it could be regulating nothing. Thus, according to Eitan Jankelewitz, it’s a horrible circle.

His legal advice is sought after by clients who are pure Bitcoin businesses and don’t even have a bank account. His clientele includes the companies that are involved in Bitcoin mining hardware development, Bitcoin wallets developers, Bitcoin exchange, video game developers accepting Bitcoin, and more.

The law firm he is working for specializing in media and entertainment, however, over the last couple of years has worked a lot for clients in digital currency industry. Eitan Jankelewitz’s reputation went one notch up when he was made a member of a London Bitcoin delegation wherein he met with HMRC to advise the tax collector on the properties of the digital currency.

Being a pioneer in legal services specializing in the digital currency, he has an edge over the other law firms in England. the best part about his services is that he not just represents Bitcoin businesses but also accepts payment in Bitcoin.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com