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Another Major Bank, Rabobank Abandons its cryptocurrency wallet Plan

Rabobank abandons cryptocurrency wallet plan

According to reports, a prominent Dutch bank, Rabobank will not take its plan further for a crypto wallet. The bank comes to this conclusion after exploring possible opportunities last year.

Previously in February 2018, Rabobank was reportedly working on some crypto service. Also, the crypto service then went by the name Rabobit. The bank promised to fill the gap between crypto wallets and bank accounts with Rabobit. But, the bank now confirms the cancellation of its a project.

However, as per Rabobank’s spokesperson, they carefully considered the matter of keeping their customers in mind. And, they decided recently that it is not the perfect time for further development of the idea. Also, the spokesperson told me that they are not working on the next innovation phase of the project.

Initially, many thoughts the idea is fake. But, now the bank confirms it’s a decision on it and was exploring previously. Back then, the bank was ready to run the project as a part of the moonshot program of Rabobank.  With this, the bank had aimed to bring innovations and encouragement in fintech services.

Fruitful Experimentation- Rabobank

Even though the project is going no ahead, Rabobank thinks the efforts did not go in vain. The spokesperson of Rabobank went on explaining the benefits of the efforts. He says that the project made them learn some experiences and insights that are valuable. They can utilize the knowledge to their general work.

Further, the spokesperson continued that they have learned about their valuable customers. Along with it, they also learned about the crypto market. Another benefit that the spokesperson revealed was they learned how they could design crypto and blockchain applications.

However, the bank says the regulatory conditions make it difficult to go any further on the project. Similarly, it says that there is a lack of clear answers to legislative questions.

Furthermore, the spokesperson of Rabobank says that the Dutch authorities recommend crypto regulation internationally. The authorities include AFM and DNB. As per matter of fact, AFM is for market conduct supervision, and DNB is fir Dutch Central Bank, finance stability.

There is no global legislature for cryptocurrencies- Rabobank’s spokesperson

Again, the spokesperson reveals that even if every nation starts regulating digital assets, there is no global legislature for cryptocurrencies. Above all, the bank now closes its blockchain plans but continues to investigate blockchain and cryptocurrency. And, the Rabobank’s spokesperson also reveals that they are keeping an eye on the market. They will also look for regulatory development taking place in the crypto sphere.

As per speculations, Rabobank may have a positive approach towards cryptocurrencies again in the future.

Coincidentally, Rabobank is not alone in the list to ditch plans for crypto wallets. A Dutch bank, ABN AMRO also announced its plans to drop its crypto wallet. Reportedly, the wallet goes by the name Wallie.

Similarly like Rabobank, ABN AMRO also gives its explanation to abandon the wallet. It says the crypto industry lacks regulations. And, the bank believes that there are so many financial dangers and risks associated with the trade of cryptocurrencies. Hence, they too, concluded to drop the plan for now.

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