Some of Australia’s largest banks have confirmed that unlike UK and US banks, they will not prevent the buying and selling of Bitcoin by credit card.
No Restrictions
Lloyds Banking Group, JP Taking a different approach from Morgan, Bank of America and Citigroup, Australia’s largest banks currently have no plans to prevent Bitcoin from being traded with credit and debit cards.
ANZ , told ABC News:
“Customers are not prohibited from purchasing or accepting digital or crypto currency as a form of payment”.
However, the ANZ speaker explained that in accordance with the bank’s “regulatory responsibilities”, it monitors transactions for “unusual behavior” to prevent fraud. Moreover, the bank reported that it does not do business with companies that trade in digital or cryptocurrencies.
ANZ, such businesses are “not regulated and therefore ANZ policy”.
Meanwhile, National Australia Bank(NAB) is taking action in case security concerns arise, such as the still widespread theft of funds stored on online exchanges. He stated that he could stop cryptocurrency transactions.. NAB speaker commented:
“ASIC is aware that since most digital currency exchange platforms are generally unregulated, customers cannot be protected or take any legal action in case the platform fails or is hacked.
“To reduce risk, we take our customers’ information and accounts very seriously, and we do not do certain card transactions to help protect their money”.
Meanwhile, a Westpac bank The speaker put this more simply:
“Currently there are no restrictions on the use of credit cards to purchase cryptocurrencies”.
Commonwealth Bank’ la was also asked to discuss but did not respond during press hour.
Old Monetary System Trying to Stop the New
Bitcoin’s ban on credit card purchases is to mend a small crack in a large dam that is ready to break g ibis. Besides debit cards, there are already plenty of alternative methods. The most difficult of these is trading Bitcoin on decentralized exchanges such as LocalBitcoins and Bisq.
At the same time, Reddit commenters have reacted to recent blows from major banks.
While banks profit from cryptocurrency-related transactions, it is possible that the entire banking business model will change if the new centralized money trial fails.
For this reason, many cryptocurrency proponents see the latest move as a phase of war.
However, supporting the burgeoning cryptocurrency industry can be profitable in the long run. This burgeoning new industry is expected to increase its Annual Compound Growth Rate (CAGR) by 61.5% by 2021, and many officials such as Russian President Vladimir Putin have already started to voice their support.
Last summer at the St. Petersburg Economic Forum, Vladimir Putin said:
“The digital economy is not a separate industry, but an institution that creates new business models at its core”.
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