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  Bulgaria: Banks freeze crypto-exchange accounts | Bit Updates
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Bulgaria: Banks freeze crypto-exchange accounts

Saturday, December 9th, 2017 | bitcoin updates

Yesterday it became known that several Bulgarian big banks froze the accounts of all state-owned crypto exchanges on Wednesday. In addition, the Bulgarian banks are currently blocking all transfers, as long as cryptocurrencies are in the game. The blockade came as a complete surprise. The blockade came as a surprise. The Bulgarian wallet provider cryptobank.bg announced on its website that none of the banks had asked them in advance Have notified the lock. The reason given was the "pretext" that the bank account was unusable on Wednesday until the end of the business day due to "changes". The day before yesterday we learned then on demand by phone that the banks have unilaterally terminated the contract in accordance with their general terms and conditions, because you no longer want to be a contracting party. Currently cryptobank.bg works only with the payment provider epay. The business had to be discontinued anyway. The same is true of all other Bulgarian crypto exchanges. The government has not legislated to persuade banks to unilaterally terminate their contracts. Apparently senior executives of First Investment Bank (Fibank) have agreed with the United Bulgarian Bank (UBB) and other houses to end their dealings at the same time. Other financial institutions, such as Societe Generale or Piraeus, are said to have telephoned to have no problem with companies earning their money in cryptocurrencies. That at least is reported in the forum bitcoin.bg.No "subversive action" In a blog post from the provider cyrpto.bg is trying to smooth a bit the waves. The reason for the nationwide ban was not that the banks suddenly got scared of the Bitcoin and wanted to destroy their competitors in a "subversive action", as some speculated. It is rather the case that the technology of the local banks is very vulnerable to criminals. Comparisons with the holes in a Swiss cheese were called. A certain role has certainly played the confiscation of bitcoin credit criminals worth 3.3 billion US dollars in May this year, then was the credit, according to the press release of the Southeast European Law Enforcement Center (SELEC) "only" worth $ 500 million. In Bulgaria and 11 other countries countless searches and seizures have been carried out in the fight against organized crime. How long the Bitcoin blockade of Bulgarian big banks will continue remains to be seen. Currently, due to the suspension, none of the Wallet providers there are able to conduct their day-to-day business.BTC-ECHOAbout Lars SobirajLars Sobiraj began in 2000 as a career changer for various computer magazines. In 2006, gulli.com added new priorities: network policy and copyright. After leading the editorial team until October 2012, he now works freelance for various online magazines and of course for his own project, Tarnkappe.info. In addition, Lars Sobiraj teaches students on Sustainable Marketing & Leadership (M.A.) at Cologne University of Applied Sciences Fresenius how to use the Internet and social networks. Some time ago there was a growing interest in cryptocurrency, which fortunately works without the control of central banks. I would like to do my part to ensure that Bitcoin & Co. are not only of interest to pure speculators, but also to the woman and the man next door. All contributions by Lars Sobiraj


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