US Clients of Swiss Banks May Turn to Bitcoin As Swiss Stop Accepting US Clients

Swiss banks have decided to turn down U. S citizens who want to open up offshore bank accounts in Switzerland. This is due to the U. S’s new foreign account regulations for banks to disclose the information of american accounts. This could be an opportunity for Americans to switch over to Bitcoin.
Privacy concerns
According to Bloomberg, the U. S ambassador in Switzerland has sent numerous letters to Swiss bank executives on the challenges Americans already have when opening a bank account in an attempt to get Swiss banks to rethink their decision of not accepting American clients.
Suzan LeVine, U. S ambassador to Switzerland said in a statement:
“We have been pleased with the response of banks such as UBS, Credit Suisse and Corner Bank who, when we asked if they’d start serving U. S. citizens as customers again, put procedures in place with which to do so,”

This post was published at Coin Telegraph on 2016-10-31.