UniCredit against Bitcoin: protest on Twitter
UniCredit against Bitcoin: protest on Twitter
Crypto

UniCredit against Bitcoin: protest on Twitter

By Marco Cavicchioli - 10 Jan 2022

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On Friday, Italian bank Unicredit posted a tweet on its official profile in which it says it is prohibiting its account holders from interacting with counterparties that issue virtual currencies or act as exchange platforms. In practice, it prohibits them from trading Bitcoin and cryptocurrencies.  

Unicredit and the tweet about Bitcoin and cryptocurrencies

In reality, it has been known for some time that the bank does not tolerate transfers to and from crypto exchanges, but yesterday’s tweet sparked a real outcry from the Italian crypto community. 

Unicredit’s tweet was published as a comment on a couple of other tweets that raised the issue in response to a survey published by The Crypto Gateway. 

The survey had nothing to do with banks or Unicredit, but the bank was directly implicated by a commenter who posted a screenshot of a chat conversation with Unicredit’s customer service department in which the bank threatened to close the account of a user who was using it to make transactions with crypto exchanges

The bank responded by citing its current policies in this regard. 

Unicredit Bitcoin
The protest against Unicredit broke out on Twitter

Community reaction

The Crypto Gateway’s Twitter community consists of nearly 50,000 people, so the reaction was massive. 

Among the comments on the offending tweet was one from Hype, the official app of the Banca Sella Group which has been offering Bitcoin trading for some time now through a partnership with a major Italian exchange. 

In addition to the hundreds of comments, some Italian cryptocurrency experts have also commented on this. 

Among them is the response of Stefano Capaccioli, one of Italy’s leading experts on cryptocurrency regulation. 

Capaccioli states that he has not found any reference to the prohibition of integrating accounts with crypto exchanges in the bank’s official policies, and points out that banks generally do not prohibit their account holders from using their money for legitimate activities, such as crypto exchanges. 

At this point, he speculates either that the tweet was a mistake by the bank’s social media manager, or that the bank has discriminatory policies prohibiting relationships with legitimate activities for no apparent plausible reason. 

However, some commentators have also pointed out that there are other banks that seem to behave in the same way, so the problem may be much more widespread than it might appear from this discussion of Unicredit’s behaviour. 

Finally, it is worth remembering that Unicredit is the largest banking group in Italy.

Marco Cavicchioli

Born in 1975, Marco has been the first to talk about Bitcoin on YouTube in Italy. He founded ilBitcoin.news and the Facebook group" Bitcoin Italia (open and without scam) ".

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