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Unicredit lashes out against Bitcoin

The bank's move sparked protest on Twitter

On Friday Unicredit posted a tweet on his official profile in which he stated his intention to prohibit its account holders the trading of Bitcoin e cryptocurrency. A move that has in practice formalized the evident annoyance of the credit institution towards direct transfers to exchange crypto or from them.
However, the reaction of customers oriented towards financial innovation was not long in coming. In fact, many have declared their intention of wanting to continue using virtual money in their investment business. Therefore, if Unicredit's policy does not change, a large part of it will draw the necessary conclusions, in particular by closing one's current account..

cryptocurrencies - Unicredit lashes out against Bitcoin

Unicredit: what happened

The question arose indirectly, on the sidelines of a survey conducted and published by The Crypto Gateway. In practice, Unicredit was quoted by a commentator who did not hesitate to post a conversation held via chat with its assistance service. In the course of which a user who used his current account for transactions on virtual assets was threatened to have it closed.
The problem that has arisen is not so much related to the possible policy of the institution towards cryptocurrencies, as to the fact that the guidelines published by Unicredit do not contain any mention of this. It was to detect it Stefano Capaccioli, one of the leading Italian experts regarding cryptocurrency legislation. From its exception, the institution practically comes out with its bones in pieces.

Unicredit: is it an abuse of power?

Capaccioli, in fact, had an easy game in noting the absence of references to cryptocurrencies in the political lines of Unicredit, such as to lead to an accusation of lack of transparency. In addition, he re-launched by asking how it is possible for a bank to prohibit relations with regularly operating entities. Then concluding with a very heavy accusation: it would be discriminatory policies, with all evidence.
Stefano Capaccioli's comment has in turn given way to Bitcoin Italy Podcast to pull a real broadside in the direction of Unicredit. In the form of an accusation of abuse of power, such as to cast considerable shadows on the institute.

An already extensive problem

If this time it was Unicredit that was brought up, however, it seems that the problem does not concern only this banking institution. As has been pointed out by other commentators, indeed, the Milanese bank would represent the classic tip of the iceberg. In fact, there are already many companies in the sector that apply the same policy, albeit of lesser names. If the issue had not been leaked so far, precisely the importance of Unicredit, the largest Italian banking institution, risks making it literally explode. Unless the company does not receive denials.

Is the annoyance of the banking world towards digital assets reappeared?

The controversy arising from the Unicredit tweet seems to turn the clock back. Particularly at the time when Jamie Dimon, CEO JP Morgan claimed to be firing employees caught trading in Bitcoin.
Dimon himself, however, seems to have completely changed his orientation with the passage of time. The US banking institution, in fact, not only changed its initial closing attitude, but also launched its own token, JPM Coin. A change so sensational that it caused accusations by many against the CEO himself, in particular the very serious ones of manipulation and disturbance of the markets. It remains now, however, to understand whether Unicredit will also give rise to a review of its policy or not.

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Dario Marchetti

I have a degree in Literature and Philosophy from the Sapienza University of Rome, with a thesis on the eastern border of Italy at the end of the First World War. I have collaborated with several sites on many issues and led the work group that published the official CD-Rom of the SS Lazio "History of a love" and "Photographic History of Magical Rome".

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