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The second Spanish bank, BBVA, has aggressively blocked up to 5,000 accounts without notice.
Many accounts belonged to Chinese customers, which caused cries of racism. The bank says, however, that it applies the Spanish rules on the fight against money laundering.
The second Spanish bank apologized after hundreds of Chinese customers accused the racism group of freezing their bank accounts without warning https://t.co/3in4Wy6F6C
– CNN International (@cnni) February 18, 2019
This is another reminder that traditional banking institutions have the power to close and block access to your money without notice.
That's why bitcoin is important. If stored independently, bitcoins can not be frozen, closed or censored by a central institution or government. As Satoshi Nakamoto envisioned, it is a payment system that can be used "without going through a financial institution".
Banks are the past. Bitcoin is the future.
This happens just weeks after a power outage in Wells Fargo, which has forced people out of their bank accounts online. The repeated failures of banking institutions will inevitably lead people to an alternative monetary system.
Bitcoin does not discriminate
BBVA has not only blocked the accounts of its clients, but has also been accused of discrimination. Chinese customers affected by the closure gathered in front of BBVA in Madrid to protest. They carried signs saying "Stop banking racism" and "racist BBVA".
Yunajie Chen, a Chinese accountant living in Spain, is among those who have been stuck on his account. S addressing Reuters, he said:
"We have come together here to demand equality because we are ordinary citizens. I work in a consulting office and I do not have suspicious transactions. "
Blocked all bank accounts belonging to the Chinese people here in Spain for no legal reason but racist excuses? Shame on you. I have already canceled my account.
– Jason Guo (@ XiaoweiGuo7) February 13, 2019
The bank apologized but denied the accusations of discrimination:
"We are deeply sorry for the inconvenience caused by our decision to block client accounts in recent days. We are sensitive to these circumstances and have taken the necessary steps to mitigate these impacts. For BBVA and all those who work at the bank, customers are at the heart of our business and we reject absolutely and unequivocally all forms of unjustified discrimination. "
The accounts in question remain frozen at the time of writing.
This is yet another reason why Bitcoin is the future. It does not discriminate. He does not reject people because of their race or nationality. Bitcoin is a universal monetary system open to anyone on the planet.
This is not the first time banks have confiscated your money
Similar cases have already occurred. The most famous example took place in Cyprus in 2013. As a result of a financial crisis, the country confiscated 40% of all funds from depositors of an amount greater than € 100,000. .
If you had a lot of money in the bank, it was stolen. Just like that.
A Chinese national holds a sign saying "BBVA: We do not want Chinese people. Stop the discrimination! We have the right to have a basic account, we want equal treatment! During a demonstration in front of the BBVA bank in Madrid on February 15, 2019, following the closure of dozens of accounts by the second largest bank in Spain. (Photo by GABRIEL BOUYS / AFP)
The Cyprus event is widely cited as a trigger for the decline in bitcoin prices that followed in 2013. With so many people affected by the bailout of Cyprus, many have turned to bitcoin as an alternative.
The United States, Canada, the United Kingdom and Germany have all pbaded laws allowing banks to seize funds from customers in the event of a new financial crisis. It could happen to everyone, anytime.
Bitcoin is the future
Consider this as a reminder that your bank has total control over your money. You trust them implicitly. If your bank decides to confiscate your funds or block access to your account, you can not do anything to fight back.
Bitcoin offers an alternative. As long as you store it independently, in a private portfolio, it can not be frozen or confiscated by a third party.
The traditional banking system is slowly losing its confidence. It is only a matter of time before the main depositors look for an alternative: bitcoin.
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