Beware of regulations, mandates, and policy enforcement.
The Bank of England (“BoE” is the UK’s Central Bank) published a press release in July 2017 revealing they now allow a new generation of non-bank payment service providers eligibility for a settlement account in the BoE’s real-time gross settlement (RTGS) system with direct access to the UK’s sterling payment systems that settle in sterling central bank money, including Faster Payments, Bacs, CHAPS, LINK, Visa, and the new digital cheque imaging system.
This appears to me that the banking cartel is preparing the path for FINTECH and blockchain developers!
If you do not read the full text, then remember these key points:
” Digital wallets draw funds from payment cards or bank accounts. Marketplace loans most often depend on loan origination by a bank partner. And payment innovations often “settle up” over legacy payment rails, like the automated clearinghouse system.(While Bitcoin is a notable exception, many consumers still rely on connecting their bank accounts with Bitcoin exchanges to convert their fiat currency to virtual currency and vice-versa.)”
“As envisioned by the OCC, obtaining a special purpose charter would have the practical effect of allowing certain fintech companies to potentially bypass the need for connecting to a bank for certain purposes in favor of becoming licensed as banks themselves. The OCC’s proposal raises interpretive and policy issues for the Federal Reserve regarding whether charter recipients would become Federal Reserve members or have access to Federal Reserve accounts and services, such as direct access to payment systems.”
“In the European Union, beginning in 2018, member states will be required to start implementing the European Parliament’s revised Payment Services Directive (PSD2).” -Governor Lael Brainard