Slovenia: Local Bank Forced to Stop Selling Cryptocurrency Via ATMs

slovenia

A tiny bank in Slovenia has been forced to stop selling cryptocurrency from its ATMs. Hranilnica Lon only had 15 automated teller machines but announced proudly last September that they’d decided to allow the purchase of Bitcoin and other cryptocurrencies directly from the machines. This was done via BitIns coupons, which are traded directly for digital currency. Since launching the initiative, the bank claims to have sold coupons for more than half a million euros worth of cryptocurrency. This is fairly impressive for such a small bank in just four months.

The news that they’d be halting immediately followed a press conference by Banka Slovenije on January 18. There was little reasoning given at the time. However, since then STA and Total Slovenia News have learned from “unofficial information” that the decision was made based on a legislative provision restricting banks from selling financial products. Since the law in Slovenia does not recognise cryptocurrency as a financial product, Hranilnica Lon is excluded from offering Bitcoin and other digital currencies from their ATMs or in-branch.

Slovenia has previously gained a reputation for being a cryptocurrency-friendly nation. Exchange platform BitStamp was headquartered there in their early years and the country has become something of a hotbed for initial coin offerings. However, with the rising popularity of the new sector, clamourings for more protective legislation have also been increasing. There are many who fear the risk of abuse has grown so pronounced that greater regulation is sorely needed.

In the central bank’s press conference on January 18, it was stated that they were not seeking to regulate cryptocurrencies directly themselves. They did suggest that the European Central Bank was mulling over legislation to cover the entire eurozone, however. The bank also acknowledged that digital currency could pose a risk to the financial stability of nations should the amount of money pouring into them continue to increase.

  • Rene

    Na naslovnici smo…juhu 🙂

    • Mato

      Haha. Bodo na 24 ur to opazil čez kak mesec dni…

  • EuclideonFoll

    Ooooh yes, central bank NLB talks about “financial stability” yet before we had to save them from bankrupcy for their uselessness and throwing our money around like its monopoly money.

    And they pay themselves some nasty amounts of money, raises, bonuses, rewards… and founding thiefs and tycoons.

    If i buy crypto, it stays crypto and nobody uses it. If i put money on bank, bank uses it and it has right to not give you money if it decides because for example it is recession (see Greece)

    and if bank fails, money bye bye

    banks only do in their favor, its my money. finally we will have freedom.

    “should the amount of money pouring into them continue to increase.”

    Why do you even care? Oh wait, you care because you want our money. Its OUR MONEY NOT YOURS. I can blow it on pokemon cards if i want to !! If everyone in the world at once decides pokemon cards are awesome and spend all money on them, its not your biz! What, now you care i spend money on videgames at my paycheck? BOOHOOOO!


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