Bitcoin

Customers complained about blocking BBVA dollar accounts in Argentina

Buying US dollars in Argentina is no easy task. The restrictions imposed in this country do not allow citizens to buy foreign currencies freely, and there is a quota. In this scenario, as reported by Dollar Info on July 9th, BBVA Bank has blocked savings banks in dollars without prior notice.

The so-called “exchange stocks”, the different prices, the devaluation of the peso, the pandemic and the economic crisis, the customers of BBVA Bank saw another problem. And the fact is that the BBVA bank has blocked without warning the savings banks in dollars to a group of its customers, which shows that they cannot have their own money whenever they want.

“In an effort to control quota purchases between people (…), BBVA Francés began to lock his clients’ dollar accounts indiscriminately and apparently without clear criteria, regardless of whether the person had performed a maneuver considered illegal or not. Hundreds of users (…) indicated that their savings bank along with all their savings in that currency literally disappeared from home banking. They couldn’t see the balance at ATMs. In short, they couldn’t have their dollars at their disposal ” the article published by Info Dollar reported.

Customers complained about blocking BBVA dollar accounts in Argentina
Customers complained about blocking BBVA dollar accounts in Argentina

The publication also reported on the reactions of BBVA customers on social networks:

What did BBVA Bank answer?

According to Info Dollar, BBVA only responded after 48 hours of silence and the number of complaints on social networks. “After 10 p.m. On Friday, July 10, 2020, the bank decided to calm the water and sent an email to all affected customers,” they said. The email said:

«Dear customer, we would like to inform you that we are registering unusual movements in your savings bank in US dollars. To ensure the security of your money, we deactivate the display and operation of this account on digital channels.

We make it clear that your money is fully available when you need it, so that you can withdraw it from any branch at the cash register from Monday, July 13, without having to take turns.

We apologize for any concerns you may have. “

Bitcoin grades above the Argentine banking system

Cointelegraph in Spanish took a post on the ArgenBTC blog as a source and, in April this year, repeated the various benefits Bitcoin has over the Argentine banking system, which has many limitations and limitations for the citizens of this country.

“Bitcoin was an alternative to the traditional economic, banking and financial system, but many people, even though they are tied to this system, do not or only partially know how this (banking) system works and what role governments, central banks play “Banking companies, regulations, politicians, economists etc.”, they stated in the post.

They then listed a number of points in this ArgenBTC blog that users should consider when comparing Bitcoin with banks. These are listed below:

  1. There are people who are afraid when they are presented with the existence of digital money that is not made of metal, paper or plastic. But for some time now, banks have been moving “electronic” money simply by entering amounts and addresses, using CBU for transfers, etc.

  2. Bitcoin does not depend on banking times, which can vary from city to city, and which can be very restrictive for ordinary people who work or cannot leave their office to do personal banking. Bitcoin works 24/7 all year round.

  3. If someone wants to transfer value over the Bitcoin network, there are no day and time restrictions.

  4. The Bitcoin network’s commission for the send value is much lower than the commission from banks that use the SWIFT network for international transfers. It may also be less than other types of commissions or concepts that traditional banks charge for using their services.

  5. It is true that a transaction with Bitcoin can take around 20 minutes (estimated time as an example). However, the complaint about how long a Bitcoin transaction or transfer takes seems insignificant when we see that an international transfer can take days.

  6. Exchange restrictions or shares: Argentina is a country in which political and economic measures by more than one incumbent government have normalized the existence of restrictions on the purchase of another currency in addition to the Argentine peso. What about bitcoin? Technically speaking, nobody can limit the number of bitcoins that a citizen wants to buy or sell.

  7. No central bank, no ministry and no government can intervene in the Bitcoin network or change the rules of the game set in the system.

  8. Bitcoin doesn’t use paper, doesn’t use plastic to circulate, doesn’t need flow trucks, doesn’t need large bank buildings to serve users, etc.

Banking union

In Argentina, the banking union has power and is politically linked to the current government. And from ArgenBTC, they highlighted some points related to Argentinian banks and trade union issues, among others:

  1. If it’s bankers day, it’s normal for banks in Argentina not to serve the public. But Bitcoin works the same way.

  2. When banks are on vacation and not working, Bitcoin is not affected.

  3. If there is a bank strike, it will not affect Bitcoin, which will continue to operate every day at any time

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