top-crypto-news.org
No Result
View All Result
  • Home
  • Bitcoin
  • NFT
  • DeFi
  • Home
  • Bitcoin
  • NFT
  • DeFi
No Result
View All Result
top-crypto-news.org
No Result
View All Result
top-crypto-news Banking and Payments

Bank of Spain informs when banks can block a transfer to buy cryptocurrencies

Alex Coin
April 12, 2022
Reading Time: 3 mins read
0
spain

Spain’s central bank is once again issuing a warning on its blog: this time it says that banks can block a transfer to buy crypto under certain circumstances.

RELATED POSTS

Investors could dump cryptocurrencies for safer assets, says Bank of England vice president

Spotify tests NFTs and Morgan Stanley suggests sector could be next to fall after UST

Japanese bank Nomura launches unit to open doors to cryptocurrency, DeFi and NFT investments

***

The Bank of Spain, the country’s central bank, has been quite stern about cryptocurrencies, a position that has become increasingly firm. Its arguments are always related to the protection of users.

Both the institution and its spokespersons have expressed warnings in recent months. For example, two weeks ago, the deputy governor of the bank, Margarita Delgado reported that 12% of the adult Spanish population held cryptocurrencies, but warned that the continuous and prolonged use of them could bring different types of risks for these investors. . Earlier, the bank’s governor himself, Pablo Hernández de Cos, said that the exposure of banks to cryptocurrencies would increase their risks.

Now, a very specific warning appears on the bank’s blog: the central bank seeks to make clear the role that banks have when they are used as a means for the purchase of cryptocurrencies by transfer, and when they should prevent transactions from taking place.

The Bank of Spain’s warning

The Bank of Spain published the communiqué entitled “Banks can block a file containing information on transactions completed during a given time period. Blocks are the constituent parts of a blockchain. a transfer to buy cryptocurrencies.” which begins by explaining that there are situations in which a commercial bank must intervene in the purchase of crypto.

“There are cases when attempts to purchase cryptocurrencies on some investment platform a place to buy, sell and store cryptocurrency by sending a transfer from our bank can not be completed, because the entity has blocked the transfer of money to that platform. Why does this happen? We explain it to you”, begins the communiqué.

Explain that, “First of all, you should remember that Spanish and European financial supervisors have recently published a warning about the risks of investing in cryptoassets, in which they reiterate that they are not suitable for most retail consumers, neither as a means of payment or exchange”.

Reasons for a blockage

He reports that the reasons for a blocking of transfers to buy crypto by a bank can be:

1.- In the first place “it can happen that the bank has suspicions that identity theft with credential theft is taking place”. . He commented that in the country there are frequent cases of fraud in which fraudulent access to the accounts of the clients of an entity is produced after having stolen the client’s passwords, and that “end up in a transfer to acquire cryptocurrencies.”

Secondly, it says that it can happen that “the bank classifies this type of operation as high risk.” and decide to require additional controls, such as making a phone call or asking the customer to come to the office in person. “Among many other regulations, financial institutions are subject to the Law on the Prevention of Money Laundering and Terrorist Financing. This regulation obliges them to carry out certain controls with their clients, who in turn must collaborate in their compliance”, indicates.

Informar siempre

It adds that when an institution decides to adopt a measure necessary for compliance with money laundering prevention regulations that involves restrictions on a customer’s operations, must inform you of this . “In principle, it must offer at least a generic motivation of why it adopts this measure, expressly citing the Law 10/2010, unless the entity considers that in the specific case raised there are special reasons of confidentiality for not doing so”.

Also, says the agency, “where such transaction-restrictive measures are applied, they should be applied with a degree of flexibility, taking into account an account is essentially a whose purpose is to track the financial activities of a specific asset/ the special circumstances of each individual case, for example, the client’s state of health or distance from the place of residence”.

It is worth noting that the statement is, in a way, a safeguard for those who use banks to make crypto transactions, since it is clear that they are not prohibited and are only temporarily blocked in cases of suspicion for specific situations.

Sources: Bank of Spain y archivo

Version of DiarioBitcoin

Imagen de Unsplash

ShareTweetPin

Alex Coin

Cryptoinvestor. I follow the world of cryptocurrencies. Looking for the most relevant and significant news for you :)

Related Posts

rechazo-btc-unsplash-canva
Banking and Payments

Investors could dump cryptocurrencies for safer assets, says Bank of England vice president

May 19, 2022
look-nft-unsplash-canva
Banking and Payments

Spotify tests NFTs and Morgan Stanley suggests sector could be next to fall after UST

May 17, 2022
open door
Banking and Payments

Japanese bank Nomura launches unit to open doors to cryptocurrency, DeFi and NFT investments

May 17, 2022
bwt cartagena
Eventos

Block World Tour comes to Cartagena with NFT, metaversos and ‘Play to Earn’ games

May 16, 2022
Bank of Spain
Banking and Payments

Bank of Spain Governor calls for rapid regulation of cryptocurrencies and DeFi

May 13, 2022
criptomonedas bitcoin ether
Banking and Payments

Nubank, Brazil’s largest digital neobank, will allow Bitcoin and Ethereum trading

May 13, 2022
Next Post
terra-btc-unsplash

Terra bought more than 4,000 bitcoins for USD $170 million over the weekend and plans to diversify Solana

India

Coinbase suspends services in India due to problems with payment provider, shortly after its launch

Bitcoin news

fallen

Bitcoin plummets 17%, other cryptocurrencies fall, El Salvador takes advantage to buy BTC

December 4, 2021
caso-unsplash-min

Craig Wright emerges “victorious” in Kleiman case, must pay $100 million; but questions remain

December 7, 2021
pago-btc-lightning-unsplash-canva

Bitwage procesa el primer pago de nómina salarial con Bitcoin a través de Lightning 

December 6, 2021
top-crypto-news.org

Recent Posts

  • U.S. official invites blocking crypto wallets “problematic”, even before government mandates it
  • It“s &#8220a matter of time” for Russia to regulate cryptocurrencies as a form of payment, says minister
  • Poll Reveals 86% of Voters Back Forking Terra Network

© 2021 top-crypto-news.org

No Result
View All Result
  • Home

© 2021 top-crypto-news.org