Major Australian Banks Won't Prohibit Bitcoin Purchasing

February 8, 2018

Largest banks of Australia do not have any intentions to prohibit their clients from buying cryptocurrency with their credit and debit cards and are ready to provide them support in case of the theft of their funds.

A spokesperson of Australia and New Zealand Banking Group (AMZ) told ABC that the bank is ready to accept cryptocurrencies as a means of payment and have no intentions to ban them. The spokesperson also noted that AMZ performs mandatory verification of all transactions of digital tokens in order to prevent possible fraudulent activities. In addition, the spokesperson said that the bank is not cooperating with any issuers of digital currencies or cryptocurrency exchanges, because these organizations are not regulated and are not within bank's policy.

Another Australian bank, National Australia Bank (NAB), has announced that it will provide support for cryptocurrency investors if they lose their funds.

NAB’s spokesperson said:

"ASIC [Australian Securities and Investments Commission] 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."

A spokesperson of another bank, Westpac, gave a short statement:

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

Australian banks have taken a different approach towards this topic, unlike major US banks, such as Bank of America and JPMorgan Chase, that prohibited their clients from buying cryptocurrency with credit cards due to credit risks. 

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