Key Takeaways:
- Unicredit decided to prohibit accounts From trading cryptocurrency.
- The bank’s standards forbid them from dealing with “counterparties issuing virtual currencies or functioning as exchange platforms,” according to the bank.
UniCredit, Italy’s only systemically important bank, has stated that it opposes cryptocurrency in any way. The information was revealed when a consumer expressed fear that his account may be closed due to wire transactions to two cryptocurrency exchanges, Crypto.com and FTX.
The consumer inquired if the bank’s policy specified that they may shut his account if he traded cryptocurrency. UniCredit responded with the following statement:
“Hello, existing Group regulations forbid dealings with counterparties who issue virtual currencies or operate exchange platforms.”
The view is unsurprising, given that the Italian banking sector regards cryptocurrency as an unregulated technology and has issued cautions to cryptocurrency investors. The Italian government, on the other hand, has taken a number of steps to promote the crypto industry in the country.
The new development could be detrimental to Bitcoin traders and investors in the country, as national restrictions have a tendency to impair market activity by generating fear and anxiety among important players.
