Australian major banks made sure that they won’t stop its customers from buying cryptocurrencies

Australia’s major banks have declared that they are not going to ban customers from purchasing cryptocurrencies such as Bitcoin.

After following the US-based Wall Street banks and one major UK banking group, Australia’s traditional ‘big four’ banks won’t be Stopping their customers from buying cryptocurrencies using their banks’ services, including credit cards.

While Australia and New Zealand Banking Group (ANZ) denied dealing with businesses operating as ‘issuers, dealers or exchanges’ of cryptocurrency due to their unregulated nature, the bank has no doubts about its customers buying cryptocurrencies with their money.

ANZ spokesman said:

“Does not prohibit buying digital or cryptocurrencies, or accepting them as a form of payment.”

A spokeswoman for Westpac, Australia’s second-largest bank by market capitalization also described the move.

He included:

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

At the same time, National Australia Bank (NAB) indicated at putting the brakes on ‘some card transactions’ in order to decrease customer risks if certain security flags are triggered. While the Commonwealth bank hasn’t confirmed or denied such a policy, there are no instances to suggest the bank is barring customers from buying cryptocurrencies.

Australia is already moving forward with regulations for cryptocurrency exchanges with new legislation bringing exchange operators under the concept of the country’s financial intelligence agency and watchdog, AUSTRAC.

Yesterday, British banking giant Lloyds Group confirmed it would block its 9 million credit card users from buying cryptocurrencies.