Banks in Finland Blocking Cryptocurrency Related Transactions

March 12, 2018 by Adrian Thorpe

It appears that banks in Finland are now also getting a little wary of processing transactions relating to purchases of cryptocurrency related digital assets that their customers are trying to make.

This is of course not the first country in which banking institutions and credit card companies have chosen to block such transactions, but it does show that there are some concerns being expressed regarding such transactions, and the ever-real possibility that customers could choose to charge back such transactions.

When you do purchase anything over a certain value using for example a credit card you are able to perform a charge back if the goods or services you purchase are either faulty or not supplied or not given to you, and as such that is what those Finnish banks appear to be afraid of.

If for example a cryptocurrency exchange was ever to get hacked, and a customer did not receive the cryptocurrency they ordered using a bank card or credit card, then the customer is quite within their right to charge back those payments made using such cards and will be entitled to a full refund.

That is something Finnish banks are obviously trying to protect themselves from, and by blocking transactions made relating to cryptocurrency transactions they will never run the risk of a customer or large group of customers changing back those purchases and the bank or credit card issuers then having to give them a full refund.

Alternative Ways to Buy Cryptocurrencies

It is of course still possible for anyone living or residing in Finland to buy cryptocurrencies without having to use a debit or credit card, and whilst it may take some time for all such transactions to get blocked using those types of payment cards, the alternatives to using them are still available to anyone in Finland.

In fact, there are some ways of purchasing any type of cryptocurrencies that could work out much cheaper, and one way is to perform a simple person to person transactions.

There are plenty of websites offering a service in which you can simply enter your address and the websites database will then match you up with someone nearby to  where you live who wants to sell Bitcoin, and if you want to buy Bitcoin then you simply meet up with them, they send the Bitcoin to your digital wallet and you pay them in cash.

There are also websites that will match you up with people who are interested in buying and selling Bitcoin using for example PayPal, but when using such a service you are obviously best advised to take all necessary precautions to ensure your funds and/or cryptocurrencies are always safe.

There are also Bitcoin and other cryptocurrency ATM’s that you may also consider using, so if you do live in Finland and intend to buy or sell any cryptocurrencies you are still going to be able to do so if you look at alternatives to digital currency exchanges.

Which are the Most Popular Finnish Cryptocurrencies

There are no major differences regarding the most popular cryptocurrencies in use and being bought by people living and residing in Finland than are being issued by people in any other country of the world.

The most popular and most widely used cryptocurrency in Finland therefore is Bitcoin, and over the last couple of years especially there has been something of a sharp increase regarding the number of people who have been investing in that digital currency.

Ethereum is also the second most used cryptocurrency in Finland, and there are many people living there who have been choosing to invest in a range of initial coin offerings and token generation events that allow them to help finance and back start-up companies by buying their Ethereum based tokens.

If you do live in Finland then do always be aware that at this current moment in time there are no specific laws in place that in any way shape or form make it illegal for you to buy, sell or use cryptocurrencies, and as such if you do want to go about doing so then you are legally able to do so.

Never be put off doing so for whilst the cryptocurrency market place is a very volatile one at times, if you are prepared to take the risks and are fully aware of them it can be a very exciting environment to place investments in and it can be a very profitable one too of course!