Now Is Not The Time’ Rabobit Cryptocurrency Wallet Project Canceled By Dutch Bank Rabobank
Rabobank Goes Back On Its Rabobit Crypto Wallet Project
Netherland-based bank Rabobank has pressed the pause button on its quest to build a cryptocurrency wallet according to TNW. The project which started since early last year is reportedly being abandoned by the bank which sought to bridge the gap between bank accounts and cryptocurrency.
A spokesman from Rabobank said the bank came to the decision to shelf the plan after consultation with customers, realized the timing for the project was wrong as regulatory conditions are not friendly. The bank, however, says working on the project was worthwhile even though it will not go through with it at this time.
“We have learned valuable lessons about our customers and the crypto market and on how to design blockchain and crypto applications,” it said.
Regulatory bodies have not been friendly towards cryptocurrency development in reality and this is affecting the growth of the industry negatively as cryptocurrency projects will rather be abandoned than face some of the harsh legislation's that are imposed on the industry.
This may be particularly true as Rabobank is not the only bank in the country that has abandoned a cryptocurrency wallet project. Another Dutch bank ABN AMRO also called off its crypto wallet project earlier this week, citing lack of regulation and high risk of trading cryptocurrency as reasons.
The spokesperson for Rabobank, however, stated that the bank may reconsider the cryptocurrency wallet project if the climate gets friendlier, but the bank cannot promise that at this time. Rabobank intended creating the wallet as part of its strategy to bring about innovation in the Fintech industry through its Rabobank Moonshot program.
Although Dutch Authorities have recommended global standards for cryptocurrency regulation, the plan is yet to become a reality and could be the reason for the delayed growth of the industry, particularly where local laws do not favor the industry.