Australian banks will not prevent the purchase of cryptocurrency credit card

The largest banks in Australia won’t ban their clients purchase cryptocurrencies using banking services and applications, as well as credit cards.

However, ANZ banking group, service providers in Australia and New Zealand, refused to cooperate with «issuers, dealers or exchanges» of cryptocurrencies, citing their unpredictable behavior, and the Bank has no doubts that his clients acquire the virtual assets of their own money:

«The Bank does not prevent the acquisition of cryptocurrency and its use as a means of payments», — said the representative of ANZ.

Press Secretary of the second largest Bank of Australia added that at the moment there is no limitation on the purchase of crypto currencies with credit cards.

At the same time, national Australian Bank (NAB) reflect on the suspension of «certain transactions with cards» with the aim of reducing risk to their customers. The Commonwealth Bank refused to comment, not confirming or denying such allegations, but admitted that there are any grounds for such restrictions.

There is reason to assume that the future policy of banks may change, as their current statements are at odds with the position of the big banks in the US and the UK. Just yesterday, the British Bank Lloyds Group has announced its willingness to ban the purchase of cryptocurrency 9 million owners of their credit cards to enable possible growth of debts on the background of instability of the cryptocurrency market. These measures will apply to banks-partners: Halifax, MBNA and Bank of Scotland.

Similar actions are being taken by us banks such as JPMorgan Chase, the largest in the U.S., as well as Bank of America, which bans the purchase of crypto currencies with credit cards. The same transaction with a debit card will not be affected. The Bank Citigroup has adopted similar measures, adding that may change its policy based on the situation on the cryptocurrency market.

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