A Portuguese association for consumer protection has spoken out against the blocking of transactions of crypto-currencies

The commercial banks in different parts of the globe have tried to prevent people entering on the market of crypto-currencies by blocking transfers of money to the market exchange of Bitcoin. Today, the largest consumer association in Portugal has approached a local bank that wanted to go in the same direction.

Bitcoin/Source : Future Behind

The DECO takes its responsibilities

DECO, the Portuguese association for consumer protection, has spoken against the actions of Banco Santander Totta S. A, the fourth bank of Portugal. DECO has decided to step up in the wake of numerous complaints from customers Portuguese bank indicating that it was blocking the bank transfers to accounts linked to trade in Bitcoins. The association has confirmed that the bank acts in this way, although it has no legal basis known to support its actions. Founded in 1974, the DECO is an association independent non-profit with charitable status. It is the largest consumer association in Portugal that has obtained the status of a ” public utility “.

Banco de Portugal/Source : Wikimedia Commons

Still no regulatory framework for the platforms for the exchange of crypto-currencies

After attempting to perform a transfer to Santander Totta to a bank account in Coinbase, based in Estonia and saw his declined transaction, a customer of the bank, and moreover, a collaborator of DECO, asked in Santander Totta the reason why she has blocked the transaction. After having initially avoided the issue, the bank finally responded that the operation was not permitted because it concerned a ” virtual currency is unregulated. The consumers ‘ association has determined that this action has no legal basis, as well as at the national level and at the level of the european Union. The Banco de Portugal has stated that any regulatory framework has not yet been established in the country for the platforms of exchange of virtual currency. However, the director of the Portuguese central bank is firm in its position in relation to the Bitcoin.

Source : News.bitcoin.com