Major Australian banks said they will not ban Bitcoin transactions

nBankruptcy Review: In the context of large banks in many countries that prohibit customers from buying cryptocurrencies through their services, major Australian banks have said they will not take such measures. Recently, ANZ, ANZ and Westpac have both said they will not ban customers from buying or selling bitcoins using credit or debit cards because they all think banks have a very limited role to play in limiting encrypted currency transactions.n
nTranslation: Inan
In contrast to the Lloyds Banking Group, JP Morgan, Bank of America and Citibank, several of Australia’s largest banks said there is currently no plan to ban their clients from buying and selling bitcoins using credit and debit cards.n
ANZ told ABC News that it “will not forbid customers from buying digital or cryptocurrencies or accepting them as payment methods.”n
However, a spokesman for the bank also revealed that they are monitoring transactions to find “unusual behavior” and to fulfill their regulatory obligations to prevent possible fraud. Also, the bank does not deal with “publishers, distributors or exchanges of digital or cryptocurrencies.”n
This is because ANZ believes these businesses are “unregulated and therefore not covered by ANZ’s policy.”n
In the meantime, the National Australia Bank (NAB) said it could stop cryptocurrencies trading in the face of security concerns, such as the often-stolen exchange-rate stolen money. A NAB spokesman said:n
nThe ASIC points out that as most virtual currency trading platforms are generally not regulated, customers may not receive protection or legal assistance if the platform fails or is hacked, and we place a premium on customer information and account availability Protecting to reduce the risk to customers and protect their money and some card transactions that may not be able to handle. “n
nA spokesman for Westpac made the statement easier:n
n”We currently have no limits on the use of credit cards to purchase cryptocurrencies.”n
nIn fact, banning the use of credit cards for bitcoin purchases may be similar to making minor repairs to dams to be dammed. In addition to debit cards, there are many other ways in which it can be used. The hardest thing to do is to trade Bitcoin transactions in centers such as LocalBitcoins or Bisq to centralize exchanges.n
Meanwhile, commentators on Reddit also countered the recent suspicions and pressure on the cryptocurrencies sector by major banks.n
They point out that while banks can make money by dealing with transactions related to cryptocurrencies, if this decentralized currency is not stifled in the cradle it will subvert the banking model.n
In fact, supporting this emerging cryptocurrency sector may also be beneficial in the long run. It is estimated that by 2021, this rapidly growing new industry will grow at a compound annualized growth rate (CAGR) of 61.5%. Many officials, including Russian President Vladimir Putin, expressed their support.n
At the St. Petersburg International Economic Forum last summer, President Putin said:n
n”The digital economy is not an independent business and is essentially the foundation for a whole new business model.”n

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