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Low crypto movement in Australian banks despite regulations

banks cold despite reuglations in Australia

Even though the crypto space is now regulated in most countries like Australia they are still not comfortable with completely trusting the space. This is why most banks in Australia are still giving cryptocurrencies the cold shoulder and are cautious while dealing with them.

Many cryptocurrencies are now being used in Australia and that is forcing Australian banks to come out of their comfort zone and take some chance with the technology. People can now buy cryptocurrencies by using credit cards.

Westpac is a leading bank by market cap in Australia and the bank’s spokesperson gave a statement saying that as long as the purchase follows our legal codes we do not restrict the purchase of cryptocurrencies by using credit cards.

ANZ is the third leading bank and it also came out saying that it does not put any restrictions on its users regarding cryptocurrencies but the spokesperson from the bank said that the bank does keep an eye out to detect and prevent any suspicious activity

CBA is the leading bank of Australia and it revised its policies over fourteen (14) months ago. In the revisions, the purchase of cryptocurrencies through credit cards was restricted. Although this is a policy customer can make such purchases through CBA transaction accounts and debit cards

No bank in Australia was in for doing bank cryptocurrency businesses. CBA and Westpac straight out refused to comment on the subject. But ANZ, on the other hand, said that as long as the dealings are risk-free we are okay with them. Suncorp is also a bank in Australia and it also does not cater to cryptocurrencies.

Heritage Bank is the leading credit unions of Australia and it gave a statement regarding the issue saying that due to the decentralized nature of cryptocurrencies they have decided to not deal with cryptocurrencies and anything related with them.

Johnson Go

Johnson Go

Blockchain enthusiast, project management specialist, writer and crypto investor. JG deals mostly with problems and solutions of crypto projects and provides market outlook for investments. He contributes his analytical skills to projects.

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