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Bank of Spain Warns of Crypto Transactions
Summary: The Spanish central bank, Bank of Spain, has warned users about actions the banks can take if they detect cryptocurrency purchases via a post on their website. The post started off with saying that sometimes the bank must block cryptocurrency purchases due to suspicions of identity theft, money laundering or “high risk” purchases. They noted ...
The Spanish central bank, Bank of Spain, has warned users about actions the banks can take if they detect cryptocurrency purchases via a post on their website.
The post started off with saying that sometimes the bank must block cryptocurrency purchases due to suspicions of identity theft, money laundering or “high risk” purchases. They noted that when these things tend to happen there are often cryptocurrency purchases that follow shortly after.
“It may happen that the bank has suspicions that identity theft with credential theft is taking place,” the post said. “There are frequent cases of fraud in which there is fraudulent access to the accounts of the clients of an entity after having stolen their passwords from the client, and which end in a transfer to acquire cryptocurrencies.”
The bank, established in 1782, also said that some of these transactions would be viewed as “high risk” transactions which would require additional security. This could be in the form of a phone call or sometimes would require an in-person bank visit.
The bank wants to make sure that it keeps up with laws and other measures that prevent all these transactions from happening. They believe it can help prevent money laundering or event terrorist activity.
The post does end with the bank acknowledging that it has to remain flexible in these areas and can always adjust certain protocols based on the health and location of their users. This statement most likely references the bank’s need for users to come in to verify certain purchases.
While this announcement may seem a little negative towards users, Spain is becoming more invested in the digital token with now 2.5% of people owning it, according to a TripleA report.
Earlier this year, Bit2Me became the first crypto provider in Spain, a platform for cryptocurrency transactions approved by the Bank of Spain. In addition, Spain was the first country in Europe to have bitcoin ATMs with 225 locations and growing. That number makes it the leader in Europe for this specialized ATM.
Author: Tyler Irvin
Tags: Bank of Spain,Bitcoin ATM,Crypto
Link: Bank of Spain Warns of Crypto Transactions [Copy]
