Australia’s Major Banks Decide Against Bitcoin Buying Ban

Australia’s major banks, ANZ, NAB, and Westpac, confirmed they have no plans to ban customers from purchasing Bitcoin or other cryptocurrencies. This is a different approach than that of UK-based Lloyds Banking Group, and US banks JP Morgan, Bank of America and Citi.

Previously, large banks around the world decided to ban customers from using credit cards to purchase crypto in an effort to defray the potential cost of defaulted debt should markets crash.

ANZ told ABC the bank “does not prohibit customers buying digital or cryptocurrencies, or accepting them as a form of payment.” Despite that fact, the bank does monitor transactions for suspicious or fraudulent activity.

Westpac simply has no restrictions regarding cryptocurrency purchases at this time.

As for National Australia Bank, a spokesperson 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.” Because of that, occasionally card transactions are denied if the bank feels the customer is at risk of fraud.

Some people wonder if these recent bank policies are truly for customer protection. In fact, it’s possible that banks are trying to keep themselves in business as cryptocurrency threatens to make them obsolete. Even so, banks are unable to stem the flow of money into the crypto marketplaces as people rush to get in on the wave of the future.