Crypto: The banks approved the idea of ​​writing off dormant accounts. It is not possible with Bitcoin

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The banks approved the idea of ​​writing off dormant accounts. It is not possible with Bitcoin

Absolut Bank prepares a document, if the banks are approved, the banks will be able to write off money from "dormant accounts". We are talking about the withdrawal of commissions and credit payments from the balance of customers, information about which could not be updated, provided they did not get in touch. The initiative is supported by UniCredit Bank, RSHB and Rosbank.

"I think we are once again seeing information noise, something taken out of context. I doubt that such an initiative on the part of the banks was shown just so, certainly that the figures indicate a problem, and they offered one of the solutions, albeit partly radical. It seems to me that this is not about touching on the inviolability of capital. It is rather a technical aspect of the relationship between banks and customers, ”suggested Alexei Markov, a leading trader at United traders.

Distrust in banks has become one of the reasons for the emergence of cryptocurrency. Corporate customers trust them with their savings. When it comes to bitcoin, everything is different. It is a decentralized system where no one has control over the users' funds. In other words, the capital of the coin holders is entirely at their disposal. This is one of the advantages of digital assets over the traditional financial system. There are others.

Society goes through the digitization process. People are gradually beginning to prefer digital assets. Reasons for this: the independence and confidentiality that cryptocurrency can provide. Due to other factors, the growth of the popularity of Bitcoin and the blockchain technology itself is inevitable, the former world chess champion Garry Kasparov is sure.

Even at the moment, cryptocurrency is not so common. Moscow Digital School expert Efim Kazantsev explains that it is easier and more familiar to hold funds in banks. The possible risks of such storage and its legal consequences are well known, and in this respect the news about Absolut Bank's initiative does not change much. Accounts are already under constant threat of blocking and writing off banks and the joints for various possible reasons.

"In this respect, of course, cryptocurrency is more secure. Neither the joints nor the banks have yet learned how to block cryptocurrencies and write off cryptocurrencies without approval. But there is also a downside to the coin – it is much harder to defend your rights to cryptocurrency in court than to protect your rights to a bank account. "Until now, no law on digital currency has been passed, and legal practice is controversial," Kazantsev said.

There are other positive aspects to storing your savings in cryptocurrency. For example, bitcoin cannot go bankrupt. If this happens to the bank, customer funds may disappear. In the case of BTC and other decentralized projects, this is not possible.

There are several ways to store cryptocurrency. The most popular are on stock exchanges. This is convenient because assets can be traded and sold at any time if a sharp fall in the price begins. At the same time, it is unsafe to keep money on the trading floor, warns Kazantsev. The money can be stolen in the event of a hacker attack, or there is a risk that the company's management will hide with the customers' capital.

“Storing cryptocurrency in an exchange is definitely not the safest way. History knows of many cases of theft of crypto funds placed on a crypto exchange, as well as the sudden closure of the crypto exchange with the subsequent disappearance of all involved. Placing a cryptocurrency on an exchange is more about a rather risky way of making money or losing than about securely storing funds, ”Kazantsev explained.

Another problem with keeping money on the stock market is confidence in it. Although bitcoin is a decentralized system, if you keep coins on the market, they are completely at your disposal. Therefore, there is a risk of losing control of the funds, the company can block them, for example, at the request of law enforcement agencies, said the head of data analysis department of CEX.IO broker Yuri Mazur. Although there is no right to write off money from customers' accounts, which was proposed at Absolut Bank's initiative.

“The stock market really cannot write off funds on its own. If law enforcement agencies suspect that the money was obtained illegally, the amount in the wallet will be blocked until the circumstances have been clarified. If it is proven that the cryptocurrencies stored in the wallet were actually stolen, the exchange will return them to their owners. Such cases have already occurred in practice. "After stealing money from other exchanges, the coins on EXMO, Binance and a number of others were blocked and then returned to their owners," Mazur explained.

He noted that many cryptocurrency exchanges today encourage the storage of tokens in wallets. In particular, intervention programs have been launched on certain retail floors. This feature allows investors to get passive income to store cryptocurrency, that is, it acts as a deposit.

When he returned to the blockade, Kazantsev added that the exchange could take such action in the event of a court decision. Today, companies in a number of countries have an obligation to enforce court decisions in relation to funds in the customer's wallet, which can be seized as a bank account. In addition, in order to meet the requirements for combating money laundering and terrorist financing, websites may block suspicious transactions, for example at the request of the investigating authorities.