Financial institutions in countries have been clamping down on cryptocurrency related
purchases with Lloyds Banking Group, JP Morgan, Bank of America, and Citigroup all announcing bans on accounts making purchases using credit/debit cards.
At a time when the market is crashing like it has never before and more such bans expected news coming out of Australia seems to provide much relief and glimmer of hope investors have been craving.
Unlike in countries like US or China, banks in Australia and have immediate plans to impose bans on accounts or restrict buying of Bitcoin or other cryptocurrencies through debit/credit cards
In direct comments made to ABC news by ANZ clarified that it hasn’t placed any restrictions on customers from buying cryptocurrencies, or accepting them as a mode of payment.”
Yes, ANZ keeps tabs on the accounts for suspicious activities, they currently have no relation with any exchanges or traders as it considers cryptocurrencies to be unregulated and thus out of their policies.
But the good news comes with a pinch of salt. According to statements made by the National Australia Bank plans of a ban will be put into action if national security comes under threat. Their representative had this to say.
ASIC advises that, as most of the virtual currency exchange platforms are generally not regulated, customers may not be protected or have any legal recourse if the platform fails or is hacked.
We take the protection of our customers’ information and accounts extremely seriously to reduce the risk for our customers, and to help protect their money, some card transactions may not be processed.
Furthermore, other major Australian banks like Westpac, Commonwealth Bank too currently have no bans placed with account holders free to make purchases.
The Present V/s the Future
Bans on such purchases are a clear hint of the existing currency system trying to hinder the growth of the future of digital currencies but efforts may be futile as there are more avenues.