Deco says Portugal’s banks have “no known legal basis” to block bitcoin transactions

bitcoinsPortugal’s consumer watchdog, Deco, has promised that the nation’s banks possess “no known legal basis” to obstruct bitcoin-related trades.

The lender is not able to process trades to and from trades for example Coinbase and Bitstamp. In reply, a few customers have shifted banks, while some others chose to complain Deco that has made it apparent to Santander Totta there’s, “no known legal basis” to encourage its actions, saying, “Santander’s barriers on international interbank transfers to bank accounts associated with cryptocurrency sites are not supported by any known legal basis.”

The customer protection organisation stated the Bank of Portugal has delivered it a note saying that bitcoin does not have any legal framework Portugal and consequently, bitcoin-related actions are outside its own supervisory remit.

The Bank of all Portugal has cautioned investors from cryptocurrency investments, considering them ‘insecure’

The bank said it hadn’t taken measures against cryptocurrencies per se, but it had been overseeing its clients’ actions to ensure the lender complied with “applicable legal regulations.”

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