The National Bank of Uruguay and bitcoin competition

The National Bank of Uruguay and bitcoin competition


Uruguay State Drug Administration, former director of Leonardo Costa (LeonardoCosta) has warned that the Uruguay Republic Bank (BROU) must be “actively” to provide financial services for the legal marijuana industry otherwise, bitcoin will take the initiative. Similar with the United States, Uruguay legal marijuana industry in the acquisition of banking and financial services are also obstacles.

If the BROU does not provide financial services to the marijuana industry, so the industry will be forced to use bitcoin

Leonardo Costa (LeonardoCosta) is the director of the Uruguay state attorney before drug administration, he told local media that the Bank of the Republic of Uruguay must be “more active”, to ensure that legal marijuana industry practitioners to obtain financial services. He said: “this is a public policy, can not fail”.

Costa worried that if the Bank of the Republic of Uruguay to provide financial services to the hemp industry, the industry will be forced to adopt bitcoin as the main medium of circulation. He said: bitcoin is a way to avoid these financial problems, so in some countries, bitcoin is becoming marijuana industry or this kind of industry financial services alternatives.”

“The Republic bank must bear the National Bank role” — Leonardo Costa, former director of the Uruguay State Drug Administration

According to Uruguay media recently reported that private banks were closed related to marijuana dispensaries and producers of bank account. Bank of the Republic of Uruguay has yet to show that formal position on the marijuana industry, although reportedly Republic bank will make a decision in the next few weeks.

Costa told the media that some banks in view of the high risk of cannabis related industries (may involve money laundering), not for the provision of financial services.

Costa has explained his roadmap, to ensure that the cannabis industry financial services. First of all, bank supervision authorities must give some legal framework. There is no legal framework, it will be difficult to carry on. Again, such as the Republic bank, the national bank must assume the role of. If the two are not, there is no doubt that the industry finally will be occupied bitcoin.”

If you think of the National Bank of Uruguay can promote the cannabis industry related to financial services, encryption currency will enter this industry?

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