Santander blocks Bitcoin transactions in Portugal

Paul Rees 13 January 2018

santander2 Banco Santander Totta, a subsidiary of the Spanish bank Santander, has suspended all bitcoin-related transactions.

The bank already had started to block transactions in several crypto-currency exchanges, claiming that these exchanges are trading non-regulated financial products.

The bank sent one customer an email after he complained that he could not transfer funds from Coinbase based in San Francisco to his Santander bank account.

The bank said that Coinbase is an entity dedicated to the purchase and sale of digital coins and that the Santander Totta does not handle transactions related to unregulated digital currencies.

On contacting the helpline, the Santander customer was told of an internal directive to block all transfers using Coinbase's IBAN.

Coinbase is not the only currency banned by Santander Totta which refuses also to process transactions related to Bitstamp, however, other currencies such as Kraken has no problem with Santander’s processing system.

The Bank of Portugal has said that the Bitcoin is not legal tender in the country despite there now being several digital currency organisations in the EU that are regulated, Coinbase being included.

Banco CTT, Caixa Geral de Depósitos and Novo Banco all say that clients can transfer to and from exchanges of regulated crypto-currencies.

Portugal wants to tax Bitcoin users while avoiding any regulatory responsibility but Portugal’s Ministry of Finance has stated that capital gains from the sale of Bitcoins or any other crypto-currency, are not subject to tax.

“The sale of bitcoins is not subject to IRS taxes in the Portuguese tax system, especially in the category E – Capital – or G – capital gains.” Capital gains will be taxed “when, due to its regularity, it constitutes a professional or business activity of the taxpayer, in which case it will be subject to taxation in category B.”

In view of the doubts, some digital currency enthusiasts in Portugal are considering having a base in Malta, a country where the effective tax rate for non-residents is only 5%.

Comments

0 #14 john clare 2018-01-25 17:58

Good grief. What a ridiculous load of rubbish. This has to be the first time I have seen a board where every writer seems to have no idea what he or she is talking about.
1. At age 18 one is legally classed as an adult. I assume that means I am responsible for my actions. Santander isn’t. Maybe I’ll go and shoot somebody from the bank and then blame the bank. That would at least be amusing.
2. All but a handful of banks won’t touch direct bitcoin transactions. Bitcoin and other alt currencies threaten their existence. With crypto-currencies banks are totally redundant in their present form, and good riddance say I. In that respect Santander is no exception.
3. Santander is currently creating it’s own crypto-currency. Now is your chance. Refuse to use it.
4. And guys, do calm down.
5. I’m putting the finishing touches to a course that explains how it all works, and how to take part. I’ll let you know when it’s finished.

0 #13 Johnathan 2018-01-21 10:16

Nothing new! Read Jack Sitcoinoifer's features here and in VIDA ECONOMICA (in Portuguese).
UK, Sweden, Check Republic are very wise to avoid Euro. In 2020 Euro will implode

0 #12 robert1 2018-01-20 22:49

If a bank does not want to have anything to do with crypocurrencies, I do not see the problem. There is consumer protection for gambling, investing (past returns are no certainty for the future) etc. Why should banks and authorities allow the general public to risk loosing their hard earned money? There are rules to protect un-experienced investors for good reasons. Once you have been classified as a hard nosed experienced investor who can bare the risk, go for it!

0 #11 Satoshi 2018-01-17 17:48

Quoting AL:

"Explain to us all how banks will ban bitcoin???"
They will ban unregulated bitcoin by creating their own cryptocurrency. The banks biggest wetdream to profit from every exchange of goods/service on the planet. Of course cash will be a thing of the past.
https://news.bitcoin.com/four-banks-create-new-digital-currency/

You have not explained how they will ban bitcoin??? U explaied o! U r another mouth, with a empty head, if u knew anything about the structure of bitcoin and the blockchain, ubwoukd know bitcoin cannot be stopped, igovs bans, realsed this, started to create clones of bitcoin, but they cannot close down bitcoin, orcstop anyone using it. No person with a brain will touch the other crypto start ups, because they are fake crypto, and are forcing id collection, bitcoin is freedom, used properly, anonymous! And cannot be stopped lr controlled, unless inet is shut down, or start building prisons, try to arrest 5 million bitcoin miners! Ha ha ha, yiu know o about bitcoin, o at all, u r another beer guzzeling, fag puffing algarve coffin dodger.

+1 #10 AL 2018-01-16 11:45

"Explain to us all how banks will ban bitcoin???"
They will ban unregulated bitcoin by creating their own cryptocurrency. The banks biggest wetdream to profit from every exchange of goods/service on the planet. Of course cash will be a thing of the past. :eek:

https://news.bitcoin.com/four-banks-create-new-digital-currency/

+3 #9 Satoshi 2018-01-15 14:32

Quoting Peter Booker:

If Satoshi really believes that control of the banks is not intimately connected to control of the internet, he should think again. The banks and the internet together have the power to extinguish these virtual currencies, and it seems that they are doing just that.

Oh yes??? Then tell us all, explain how they can stop bitcoin?? U dont know anything about bitcoin, u r just another emptyhead in the algarve, suvking u beers and poisining u self on fags. Explain to us all how banks will ban bitcoin???

+1 #8 Peter Booker 2018-01-15 12:38

If Satoshi really believes that control of the banks is not intimately connected to control of the internet, he should think again. The banks and the internet together have the power to extinguish these virtual currencies, and it seems that they are doing just that.

+1 #7 Chip 2018-01-14 23:39

I don't know what Satoshi is on, but can I have some?

+1 #6 TT 2018-01-14 22:02

Quoting Charly: