Citing the lack of regulation and high volatility of cryptocurrencies, the country’s largest Australian Commonwealth Bank (CBA) has banned its customers to use credit cards for their purchases. This prohibition does not apply to debit card holders.
«We made this decision because we believe that digital currencies do not meet the minimum standard of regulation, reliability and reputation of the currencies that we offer to our clients. Given the dynamic, volatile nature of the cryptocurrency markets, this position will be regularly reviewed,» – said in a statement, the Bank.
The ban, which also applies to CBA Bank-owned Bankwest, is intended to protect customers from using borrowed funds to purchase cryptocurrency. Thus CBA has joined banks JPMorgan Chase, Bank of America and Citi, which already introduced a ban on the cryptocurrency with a credit card.
Two other major Bank of Australia did not support CBA. So, ANZ confirmed that the Bank «does not prohibit the cryptocurrency and allows you to accept them as a payment method. Westpac, the second largest Bank of Australia, is not planning any restrictions on the purchase of the cryptocurrency.