From Israel to Australia, commercial banks in various parts of the universe have tried preventing people from entering the cryptocurrency sell by blocking money transfers to bitcoin exchanges. Now the largest consumer guild in Portugal has called out a local bank for trying to do the same.
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Banco Santander Totta
DECO, the Portuguese Confederacy for Consumer Protection, has came out against the actions of Banco Santander Totta S.A., the fourth tidiest bank in Portugal. This happened following reports by Portuguese patients of the bank that it is blocking interbank transfers to accounts related to bitcoin tit for tats. The association has confirmed that the bank is acting in this manner as a regulation, despite not having any known legal basis to support its actions.
Inaugurated in 1974, DECO is an independent non-profit association with charity eminence. It is the largest consumer association in Portugal and has been afforded the status of ‘any utility’. Hopefully its position will help clients make Santander Totta reversed its policy towards transfers to bitcoin exchanges.
Banco de Portugal
After annoying to make a transfer from Santander Totta to a Coinbase bank account in Estonia and fit rejected, a DECO associate asked the bank for the reason it blocked the acta. After initially avoiding the question, the bank finally answered that the day-to-day business was not allowed because it related to a “virtual currency that is not regulated.”
The consumer conjunction has determined this action has no legal support basis in Portuguese or European Amalgamating laws.
The Portuguese central bank, Banco de Portugal, said that there is no regulatory framework constituted in the country for virtual currency exchange platforms and its supervisory activity does not incorporate actions related to this specific operational reality, essentially denotation that the central bank hasn’t issued any guidelines instructing banks not to approve rolling in it transfers to accounts of bitcoin exchanges. Additionally, at least one other Portuguese commercial bank, Novo Banco, commented to DECO that it has no bruited about restrictions in place to inhibit these operations.
Should any banks be budgeted to decide on their own that they are blocking transfers to bitcoin trades? Tell us what you think in the comments section below.
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