Slovakia: The Central Bank is fighting the crypt

[frlvoleg]

Slovakia: During the last month, Slovak banks closed accounts of all companies associated with crypto-currencies. On the basis of available information, similar activities were also conducted in the Czech Republic and about six months ago in Bulgaria.

According to a source from the banking sector and who preferred to remain anonymous, the banks operate on the initiative of the regulator - the National Bank of Slovakia. The central bank sent a confidential letter to the banks, urging banks to close accounts related to crypto-currencies.

According to available information, the National Bank urged banks not only to close the accounts of existing companies related to crypto currency, but also not to open new accounts for crypto companies. The banks called for strict observance of the instructions of this regulator.

Closure of accounts is carried out unilaterally the termination of the contract, in accordance with the agreed terms and with the notification and justification of the "commercial decision of the bank."

Banks that closed accounts to crypto companies include at least Slovak Sporitelna and Fio Bank. Banks that last month refused to open accounts for companies associated with crypto-currencies: OTP Bank, Prima banka, Privatbanka and Oberbank.

This is an obvious step back, only emphasizing the need to move to a parallel financial system that does not depend on state-regulated banking services.

Slovak crypto companies are looking for a business model that is not dependent on the banking system or jurisdiction in which banks and regulators value their customers and welcome the growth of well-being.

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[Milamol]

There are Asian countries with a growing economy and large financial turnover. The countries, called the OP, are not comparable by economic indicators with countries such as China, Korea and Japan. It looks like a minor FUD.

[dzelenyanskiy]

What do you want from a conservative country with an underdeveloped economy? Of course, the Slovak government is afraid that the legalization of the crypto-currency may violate their already weak financial system. When the crypto currency is recognized at the level of the European Union,  then the attitude to it from the side of the Slovak authorities will change!

[Crypdon]

It's because their own economy is not strong enough to survive during low market conditions. Bitcoin will simply destroy their finances as no-one will pay tax and most transactions will be too hard to trace

[swissgang]

They should fight bitcoin if they are really serious about this issue otherwise closing crypto related companies only hurts their own economy, they must think long term.

[entemeister]

Another government scared of progress and everything they still don't understand. These companies will move to other countries and Slovakia will lose the train. I wonder what justification they have given to take this measure.

[Febo]

There are Asian countries with a growing economy and large financial turnover. The countries, called the OP, are not comparable by economic indicators with countries such as China, Korea and Japan. It looks like a minor FUD.

This countries that OP mentioned are in first row of crypto. There are most crypto startups made in last 8 years per citizen. In this countries is also highest desity of Bitcoin ATMs. That are countries that used to be in Ausrto Hungarian Monarchy where Austrian school of Economic developed 2 centuries ago.  Austrian school of Economic with game theory and cryptography is basis of Bitcoin.  


What he mention is most likely just one Bank trying to fight for their existence. That is happening and will happen everywhere in the world.

[deadsilent]

I think adoption of crypto there could weaken their economy even more. But the government is not looking for alternative solution for this. Instead of being hostile. Why don't just impose tax for every crypto transactions? Other countries which are crypto friendly are now imposing tax. At least the government get benefits from it. But seems to be the decision is finally made. Citizens cannot do much about it cause they could be criminalized by the authority for using cryptos. Anyway, if the government just ban crypto at their territory, i think citizens can trade outside exchanges. There's still hope for them. They just have you use money remittances like Wetern Union or something like that.