Australian Largest Bank Bars crypto buying on credit cards

Australian Largest Bank Bars crypto buying on credit cards

Regulation Uncategorized
February 14, 2018 by Bitzamp
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Australian Largest Bank Bars crypto buying on credit cards Commonwealth Bank of Australia (CBA) has banned the use of credit cards to buy Bitcoin. Due to lack of regulation and high volatility of cryptocurrencies, CBA has discontinued credit card purchases of cryptocurrencies. The restriction will not extend to banking customers who will still be able
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Australian Largest Bank Bars crypto buying on credit cards
Commonwealth Bank of Australia (CBA) has banned the use of credit cards to buy Bitcoin.
Due to lack of regulation and high volatility of cryptocurrencies, CBA has discontinued credit card purchases of cryptocurrencies. The restriction will not extend to banking customers who will still be able to buy and sell cryptocurrencies using their debit cards.
The bank announced its plans to bar customers from using its credit cards for crypto purchases, stating:

“We have made this decision because we believe virtual currencies do not meet a minimum standard of regulation, reliability, and reputation when compared to currencies that we offer to our customers. Given the dynamic, volatile nature of virtual currency markets, this position is regularly reviewed.”

The CBA has become the first Australian bank to keep its customers from using its credit cards for buying cryptocurrencies. However, remarks from the countrys ‘big four’ banks suggest the shift of policy is unlikely to be a trend.

A spokesman Reported last week, ANZ confirmed the bank “does not prohibit” cryptocurrency purchases, nor does it keep customers from “accepting them as a form of payment.” Westpac, Australia’s second-largest bank, added it did not place any restrictions on purchasing cryptocurrencies.

CBA joins a select number of credit card lenders such as UK’s Llyods and stateside US banks in JPMorgan, Bank of America and Citi who have barred customers from credit card purchases of cryptocurrencies this month.


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