The bank has made this decision because sees virtual currencies as not meeting the minimum standard of regulation, reliability, and reputation when compared to the other currencies the bank offers to its customers. However, the bank said that clients can continue to buy and sell virtual currencies using other CommBank transaction accounts and their debit cards.
The decision follows similar moves from the likes of JP Morgan Chase, Bank of America, Citigroup, Lloyds Banking Group and Barclays who all announced bans on purchases of cryptocurrencies using credit cards.
The interdiction will also apply to Bankwest customers, and begins from Wednesday, February 14. Nevertheless, the move from the Commonwealth Bank breaks ranks with Australia’s remaining Big 4 banks — Westpac, ANZ and the NAB — who had no plans to block cryptocurrency purchases using credit cards, according to Business Insider.
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