Western Union blocking transactions associated with cryptocurrencies

Western Union blocking transactions associated with cryptocurrencies

International money transfer service Western Union (WU) has launched a campaign against the banking transactions associated with cryptocurrencies. The company’s decision to deny services or transactions associated with cryptocurrencies, are governed by internal rules.

One Reddit user reports that the company informed the cryptocurrency exchange Kraken that it does not handle transactions related to digital currencies, because it is contrary to its internal rules.

It is expected that this decision WU adversely affect the operation of the cryptocurrency exchanges as well as consumers using cryptocurrencies. It will also affect the profitability of the company because in the long run it will lose a lot of business, given the growing popularity of cryptocurrency in the world.

The company offers various services, including money transfers, Bank transfers and business payments. Along with banks, WU recently competes with companies that allow you to make peer-to-peer payments via the blockchain, including international.

Campaign against cryptocurrency?

Ban WU for transactions associated with cryptocurrencies, similar to the actions of various financial institutions worldwide which do not allow their customers to buy and sell digital currency. Some banks went further and even closed the accounts associated with cryptocurrencies.

Although this is a bad precedent for the market of virtual currencies, none of the analysts do not doubt that it would have no impact on the growing, in recent times, bitcoins.

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