orldwide money transfer services provider the Western Union (WU) has launched a campaign against wire transfer Crypto Transactions involving virtual currency trades. The organizations decided to reject cryptocurrency-related services or trades is insured by its internal regulations.
In an article by Reddit clients in early December 2017, the business has allegedly advised the cryptocurrency trade Kraken which it isn’t processing a transaction linked to digital currencies since it was against its internal principles.
This verdict from WU is possible to negatively affect the function of Digital currency trades, in addition to the customers using crypto-currencies. This may also have an effect on the productivity of this company because it will lose out a great deal of business, in the long run, considering the rising popularity of their crypto-currencies all around the world.
The financial services and communications company are based in Colorado. The company has been formed in 1851 and is now led by its Chief Executive Officer (CEO), Hikmet Ersek.
The Business offers many different services such as allowance, wire transfers, and company payments. In addition to banks, it has just been getting competition from peer-to-peer lending businesses and facilitates in cross-border trades through Blockchain.
A trend against Cryptocurrencies?
The move by WU to prohibit transactions involving crypto-currencies Is similar to the actions taken by different financial providers around the world which prevented their clients from purchasing and selling digital currencies. Several banks also have gone somewhat further by shutting accounts involved with the trading of virtual currencies.
This trend of Banning Crypto Transactions involving digital currencies is very unfortunate because the digital tokens continue their growth and slowly but surely gaining acceptance from the general public. Although this is a poor precedent to the virtual money market, it’s expected that this ongoing trend will have little effect on the constant rise of the leading cryptocurrency Bitcoin, as well as the lesser-known virtual currencies.