The European Union required Bottle Pay excessive personal information of its users.
Bottle Pay, an UK company that would allow sending Bitcoin through social networks, decided to cancel its project whose objective was to facilitate the processing of payments with bitcoins, due to some strong regulations imposed by the European Union (EU).
The announcement about the closure of Bottle Pay surprised the crypto community when last Friday it became official its inability to comply with the parameters issued by the European Union. The project, which was being developed for some time, was suspended in its entirety despite it was considered very innovative.
It was known that the project would allow users to send micropayments with bitcoin (BTC) through text messages, using conventional social networks such as Twitter and Telegram. That was one of the benefits of the idea.
Bottle Pay was a company born in England, which, in its period of activity, would have managed to raise up to two million US dollars in a single round of investment collection, last September. Although the project did not raise its most anticipated application, it already had more than 10,000 users who were providing services until the announcement of its closure, last Friday.
The project concluded definitively due to the strong pressure of the European Union to control and regulate the use of cryptocurrencies. In a statement issued by the company after its closure it was known that too much personal information was required of its users, and that, according to its considerations, this would inconvenience their customers and impact their services strongly.
“The amount and type of additional personal information that we would be asked to collect from our users would alter the current user experience so radically, and so negatively, that we are not willing to force this into our community”, says the official statement.
How Cryptocurrencies Are Seen in The World and Their Strong Regulation
The knowledge of this news demonstrates that regulatory excess can greatly affect the crypto community. This happens since although the EU seeks status of legality, it sees with difficulty the complete adoption due to skepticism around these technologies.
In practical terms, cryptocurrencies were born with the objective of facilitating the sending of funds between two or more parties. In this way, the digital currency would be used for the exchange or payment of products and services. This alternative to fiat money could be well adopted if the technology were more easily digestible for influencers.
Currently, these objectives have not been achieved since globalization has somewhat excluded the crypto community due to many factors. Among them is the difficulty of scalability or the low speed when processing transactions within blockchain platforms of cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH).
The closure of Bottle Pay can show the crypto community how difficult it can be to adopt cryptocurrencies, especially in the use of them for the financing of markets outside the industry.
By María Rodríguez