Western Union blocking transactions related to crypto-currencies

Western Union (WU), a global provider of money transfer services, has launched a campaign against the transaction by electronic fund transfer involving exchange of digital currency. The company’s decision to ban the services or transactions related to crypto-currencies is to be covered by its internal regulations.

WU wants to stay faithful to his policy of always

In an article published by a user on the blog Reddit at the beginning of the month of December, WU would have informed the agency Kraken that she was not processing transactions related to digital currencies because it was contrary to the policy. This decision WU is expected to have a negative impact on the functioning of the exchange of digital currencies, as well as on the consumers using crypto-currencies. This will also affect the profitability of the company, because it will lose a lot of business in the long term, given the growing popularity of crypto-currencies around the world.

Western Union

A company will suffer

Kraken, a financial services company and communications based in Colorado. The company was founded in 1851 and is currently led by its ceo, Hikmet Ersek. The company offers various services, including remittances, wire transfers and business payments. With banks, it has recently been competed by the payment companies in peer-to-peer and facilitated cross-border transactions via the Blockchain.


Is there a trend against the crypto-currencies ?

The decision of WU to prohibit transactions involving crypto-currencies is similar to the actions taken by different financial service providers across the world that prevented their clients to buy and sell digital currency. Several banks are already gone much further by closing of the accounts involved in the transactions of crypto-currencies. This tendency to prohibit transactions involving digital currencies is very unfortunate, because the crypto-currencies continue their growth and gaining slowly, but surely, the approval of the general public.

Source : Cointelegraph