Unicredit’s U-turn on cryptocurrencies
Unicredit’s U-turn on cryptocurrencies
Crypto

Unicredit’s U-turn on cryptocurrencies

By Vincenzo Cacioppoli - 14 Jan 2022

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The controversy surrounding the response of Unicredit, Italy’s largest bank, to a customer who asked for clarification on 7 January regarding cryptocurrency investments, does not seem to have diminished in intensity. 

Unicredit’s “ban” on investing in cryptocurrencies

The bank had hinted that it could close the accounts of those who invested in cryptocurrencies, though a new message on Twitter now seems to want to take a half step back or at least clarify its position.

But judging by the reactions to the new message, if the intention was to extinguish the controversy, the result does not seem to have been achieved.

Unicredit customers, as well as crypto enthusiasts, do not seem to have reacted very well either to the first slightly intimidating response, or to this clumsy attempt at a U-turn.

In fact, the bank’s response to the user’s request for clarification on 7 January left very little to the imagination, explicitly mentioning a ban on investments in cryptocurrencies.

Unicredit cryptocurrencies
Unicredit has clarified its thinking regarding cryptocurrencies

Bank accounts at risk of closure

The most controversial aspect, namely the possibility of closing one’s bank account, does not seem to have been clarified at all, and according to some users, it is not just a threat, but a real possibility. One user on Twitter shows a registered letter from the bank informing him of the closure of his account, precisely because of the purchase of cryptocurrencies.

The explanations, quite late, are perhaps also due to the echo of the news that soon spread beyond the Italian borders. The Bitcoin Archive profile, a well-known influencer with over 700,000 thousand followers, has spoken on several occasions about the thing.

Other users report various inefficiencies on the part of bank payment cards when used to transfer funds to cryptocurrency exchanges. 

In short, regardless of how one feels about cryptocurrencies, the behaviour of the Italian bank certainly lends itself to more than a few legitimate criticisms, at least regarding the efficiency of those who maintain the company’s social profiles and customer service.

Curiously, Coinbase and Binance, the two main exchanges, were hit last spring by a barrage of criticism from furious users, precisely because of the lack of efficiency of their customer services.

Vincenzo Cacioppoli

Vincenzo was born in Genova but lived most of his life in Milan. He has a degree in political science. He is a journalist, blogger, writer, and marketing and digital advertising expert. After a long experience in traditional marketing, he started working with the web and digital advertising in 2011, creating a company called Le enfants. Passionate about the web and innovation, in 2018 he started exploring the topics related to blockchain technology and cryptocurrencies. Independent cryptocurrency trader since March 2018, he now collaborates with companies in the sector as a content marketing specialist. In his blog. mediateccando.blogspot.com, he has long been primarily focused on blockchain, which he considers to be the greatest technological innovation after the Internet. His first book about blockchain and fintech is scheduled for release in November.

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