Bill Barhydt: crypto banks can’t be evolved in sanctioned countries

ICO News

Bill Barhydt, ex-CIA operative and currently presenting himself as a founder of cryptocurrencies investment platform Abra believes in mass propagation of new kind of banking institutions based on blockchain and so far demonstrating decentralized decisions to the best way to market financial services. Since the distributed ledger technology and its offspring offer the same banking products but on safer, cheaper and faster base as early investors of Reddit remind then there is substitution as new trend is going to arise.

Barhydt argues that he’s aware of all hurdles crypto banks may face in their development and he reassures that all will be OK reserving one remark that “so the point is, I can effectively develop a legal, crypto-based bank in every country in the world, minus the OFAC-sanctioned countries.” Recently Barhydt’s own article about Bitcoin’s ABC investments got a boost from Twitter account of Hollywood star Gwyneth Paltrow.

This remark again raises the question how countries whose economies are under US imposed sanctions may be a part of permanently evolving crypto world industry. Earlier the chief of Binance Labs Benjamin Rameau wrote that “the blockchain revolution will be a global one and Binance Labs will consider investments in all non-sanctioned countries.” Under these circumstances there is an interesting case of Huobi cryptocurrencies exchange reportedly going to open its doors in Russia that from the point of view of US State Department stays in one line of Venezuela, Iran and North Korea (DPRK), all these countries still face severe financial restrictions whose implementation is under watch from OFAC, the arm of US Treasury.

See also  “Star Trek” star clashes with Twitter bots, supports Vitalik Buterin

Leave a Reply

Your email address will not be published. Required fields are marked *