Bank of Spain has issued a post explaining to users the potential actions that commercial banks can take when detecting a cryptocurrency related purchase.
The Spanish central bank, Bank of Spain, has warned users about certain actions banks can take if they detect cryptocurrency purchases. In a post published on its web page, the institution explains that traditional banks have the ability to block these transactions if they suspect there are suspicious circumstances involved, such as those related to identity theft or money laundering.
This might trigger alarms integrated into the banking system and prompt the aforementioned block to protect the customer.However, there are other reasons that might prompt a transaction restriction. The post goes on to explain that clues linking funds transacted with money laundering can also cause the block of a cryptocurrency purchase transaction.
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