The most important banks in Australia, with the exception of NAB, will let their customers purchase cryptocurrencies using their accounts. There were some rumours regarding the possibility that Australian banks were targeting banning cryptocurrency buying – but now we know clearly this is not the case. Additionally, some days ago, some US and UK banks banned cryptocurrency purchases using credit cards.
Australian Banks Opened to Cryptocurrencies
ANZ and Westpac, two of the most important banks in Australia are opened to cryptocurrencies. They announced that they will allow customers to freely purchase bitcoin and other digital currencies or accepting them as a form of payment. What the bank will keep doing is protecting customers against potential fraud and other possible scams.
An ANZ spokesperson has explained that they do not provide support or banking services to unregulated businesses like cryptocurrency exchanges or issuers. Westpac has also taken a similar stance with regards to its customers. They will allow them to buy cryptocurrencies with credit cards, but they did not comment on whether the bank was thinking about a prohibitive policy.
Some banks in the United States and the United Kingdom have banned customers to buy cryptocurrencies with credit cards. These banks involved in the credit card ban are Bank of America, JP Morgan Chase and Citigroup among others.
Other banks like the National Bank of Australia (NAB) and the Commonwealth Bank of Australia (CBA) have taken different regulatory measures. The NAB expressed that the Australian Securities and Investments Commission says that most virtual currency exchange platforms are not regulated and customers may not be protected against possible frauds or scams.
“To reduce the risk for our customers, and to help protect their money, some card transactions may not be processed,” commented NAB. “We take the protection of our customers’ information and accounts extremely seriously.”
Instead, the CBA, has declined to respond to the Australian Broadcasting Corporation’s requests for comments. But according to some reports, the CBA has prevented some of its customers to purchase cryptocurrencies in the most known cryptocurrency exchanges.