https://ift.tt/3GtRtOY of Unicredit on cryptocurrencies

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.

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.