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Australia’s Major Banks Confirm They Won’t Ban Buying Bitcoin

“Australia’s major Banks have said that they will not take measures to ban customers from using credit cards to buy cryptocurrencies when large Banks such as JPMorgan chase and Citigroup doing so.”

It’s reported that Australia’s biggest banks currently have no plans to bar their customers from buying and selling crytocurrencies with credit and debit cards.

ANZ told ABC news that it “does not prohibit customers buying digital or cryptocurrencies, or accepting them as a form of payment.”

However,they are still monitoring transactions and fulfilling their regulatory obligations to prevent potential fraud. Besides, the bank does not do business with companies “that operate as issuers, dealers or exchanges of digital or cryptocurrency.”

Meanwhile, the spokesperson from National Australia Bank said: “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.”

At the same time, a spokesperson from Westpac bank put it more simply, stating:

“We currently have no restrictions on credit card use to purchase cryptocurrency.”

Reddit commentators have reacted to the latest clampdown from major banks with skepticism.

They point out that while banks could certainly profit from processing cryptocurrency-related transactions, the entire banking business model could be turned on its head if the fledgling decentralized money experiment isn’t strangled in the cradle.

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