Some of the largest Australian banks have confirmed that, unlike some of their UK and US partners, they will not stop their customers from buying and selling Bitcoin with credit cards.
Following a different approach from Lloyds Banking Group, JP Morgan, Bank of America and Citigroup, Australia’s largest banks currently have no intention of banning their customers from buying and selling Bitcoin with credit cards. credit and debit.
ANZ told ABC News that it “does not prohibit customers from buying digital currency or accepting them as a form of payment.”
However, the ANZ spokesperson revealed that the bank was monitoring transactions for “unusual behaviour” in order to prevent possible fraud consistent with their “regulatory responsibilities”. In addition, the Bank does not engage in transactions with companies that are issuers, dealers, or stock exchanges or cryptocurrencies. “
This is because ANZ believes that these companies are “unregulated and therefore not ANZ policy”.
Meanwhile, the Australian National Bank has suggested that it could stop cryptogram transactions when it comes to security, such as the common theft of funds stored in online exchanges. NAB spokesman said:
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.
Meanwhile, a spokeswoman for Westpac Bank said it was easier:
We currently have no restrictions on credit card use to purchase cryptocurrency.
The Commonwealth Bank was also contacted for comments but did not respond to press time.
However, the prohibition to buy Bitcoin by credit cards is similar to a small break in a large dam that approaches the crack. In addition to debit cards, there are many other ways in which peer-to-peer bitcoin trading on sites like LocalBitcoins and remote shifts like Bisq is the hardest.
At the same time, Reddit commentators have sceptically reacted to recent criticism from major banks.
The argument assumes that, although banks may benefit from the processing of encryption-related transactions, the entire banking business model could be reversed if the decentralized monetary experience was not to be reversed.
As a result, many crypto-currency supporters view the last attack as the “then fight” phase.
However, the long-term support of the cryptographic forex industry can also be profitable. This new emerging industry is expected to grow at an average annual growth rate (CAGR) of 61.5% by 2021 and many officials such as Russian President Vladimir Putin have already expressed their support.
“The digital economy is not a separate industry, it is basically the basis for creating new business models,” he told the St Petersburg Economic Forum last summer. Petersburg.