The central bank of Spain again warned on its blog that banks could obstruct a transfer to acquire crypto in certain circumstances.
The Bank of Spain has been quite solid regarding digital assets, a stance that has become firm. The bank’s arguments get always linked to the security and protection of its customers.
Both the institution and its spokespersons have revealed various warnings recently. The bank’s deputy governor, Margarita Delgado, highlighted that 12% of the adult Spanish population had cryptocurrencies but expressed that their constant and prolonged use could bring different risks for these investors; this information got highlighted by Margarita two weeks ago.
Before this news from Margarita, the bank governor, Pablo Hernández de Cos, expressed that the bank’s exposure to digital assets would elevate the suspicious situations and risks.
A particular warning appears on the bank’s blog: it focuses on clarifying the role that banks have when they get used as a means of buying digital assets by transfer and when they must prevent transactions from being carried out.
The Warning the Bank of Spain Made
The Bank of Spain revealed in the statement that entitled entities could block a transference to purchase digital currencies. This statement explains that there are situations in which a commercial bank must take part in the operation to acquire crypto.
In some situations, attempts to purchase digital assets on an investment platform by sending a transfer from a bank cannot reach completion because the entity has obstructed the transferences on said platform.
The Spanish and European financial supervisors have recently revealed a warning about investing in cryptocurrencies. They clarified that they don’t fit most retail consumers’ expectations, nor as a means of payment or exchange to carry out financial activities with crypto.
Reasons for a Block
First of all, a blockage might occur if the financial entity has suspicions that an identity theft with credential theft is taking place. There are constant fraud cases in which malicious access occurs to the clients’ accounts of an entity after having extracted their passwords from the client.
Always Inform
When an entity adopts a necessary measure to comply with money laundering regulations that involve restrictions on operations led by clients, it must report these operations.
According to the agency, when this type of restrictive procedure gets applied to operations, it should work with a certain degree of flexibility, considering the particular circumstances of each specific situation.
The statement is, in some way, a safeguard for those who use banks to carry out crypto activities linked to transactions since it is clear that they don’t face a ban and that they are only temporarily obstructed due to suspicious situations.
By: Jenson Nuñez
