The British government appears to be preparing to introduce tighter regulations to banking permits to protect people’s freedom of speech. A pending decision likely to be proclaimed as soon as next week will reportedly force banks to allow customers three months’ notice before any account closure, as well justifying the decision with an explicit reason.
This intense political focus owes its roots to an issue between former politician Nigel Frarage and private bank Coutts, favored clients of Britain’s monarchy whom had his accounts shut down earlier this month, opining to the Daily Mail that he had not adhered to their “values”. Prime Minister Rishi Sunak took a firm stance against the gesture, calling out the matter for the wrong it was and explicitly defending free speech as the foundation of current democracy.
His response lined up almost lockstep with the attitude of Home Secretary Suella Braverman when she critiqued Coutts for giving into politically-biased dogmas. After the channel was started, Alison Rose CEO of NatWest Group took on the responsibility of apologizing for the “deeply inappropriate” commentary held in meetings adjourning about the incident in the office.
Farage a devoted cryptocurrency advocate spoke at the 2022 Bitcoin Amsterdam Conference and conducted an interview with Cointelegraph. It’s possible the debanking’s purpose could have been motivated by his advocacy. He praised the resistance to inflation found in cryptocurrency while condemning the traditional banking infrastructure as the British Pound not to be taken as serious money.
All things considered, the move of regulation inevitably should demonstrate to banks an immediately proving that this behaivor will not be rightly accepted or validally tolarated.
