close
This essay has been submitted by a student. This is not an example of the work written by professional essay writers.

Latest Cryptocurrency News

downloadDownload printPrint

Remember! This is just a sample.

You can get your custom paper by one of our expert writers.

Get custom essay

121 writers online

blank-ico
Download PDF

In contrast to United states central banks not accepting the use of bitcoin as payments, Australia’s biggest banks have ruled out any notion of barring customers from buying cryptocurrencies like bitcoin. These banks will not be withholding their customers from buying digital currencies using their banks’ services which includes credit cards, Australia’s ABC news reports.

While Australia and New Zealand Banking Group (ANZ) rejects dealing with businesses operating as ‘issuers, dealers or exchanges’ of cryptocurrency due to their unregulated nature, the banks have no issues or reservations about its customers buying cryptocurrencies with their money. Speaking to ABC news, an ANZ spokesman said the bank: “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 added that the bank currently has no restrictions on the use of credit card in the purchase of cryptocurrency. “We currently have no restrictions on credit card use to purchase cryptocurrency. “Meanwhile, the National Australia Bank (NAB), has hinted at putting the brakes on ‘some card transactions’ to reduce 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 pressing ahead with new regulatory rules and law for cryptocurrency exchange platforms with new legislation bringing exchange operators under the preview of the country’s financial intelligence agency and watchdog, AUSTRAC. While the banks’ stance could change in the future, their clear statements in the present run contrary to the moves made by a handful of major retail banks in the UK and the US. On Tuesday, British banking giant Lloyds Group confirmed it would block its 9 million credit card users from buying cryptocurrencies, fearing a rise in future unpaid debts amid volatile changes that seems to affect the cryptocurrency markets rather constantly. The ban extends to its subsidiary banks Halifax, MBNA and the Bank of Scotland.

Llyods’ shift in policy to bar cryptocurrency purchases follows similar moves made by two major US banks over the weekend. JPMorgan Chase, the largest US bank, and Bank of America have both placed a ban on cryptocurrency purchases using credit cards. JPMorgan’s ban went into effect on Saturday while the Bank Of America’s ban, which extends to personal and business credit cards, kicked in on Friday. Citigroup has also halted cryptocurrency purchases on its credit cards but confirmed it would ‘review’ its policy as the cryptocurrency market evolves.

Remember: This is just a sample from a fellow student.

Your time is important. Let us write you an essay from scratch

experts 450+ experts on 30 subjects ready to help you just now

delivery Starting from 3 hours delivery

Find Free Essays

We provide you with original essay samples, perfect formatting and styling

Cite this Essay

To export a reference to this article please select a referencing style below:

Latest cryptocurrency news. (2019, February 11). GradesFixer. Retrieved June 29, 2022, from https://gradesfixer.com/free-essay-examples/latest-cryptocurrency-news/
“Latest cryptocurrency news.” GradesFixer, 11 Feb. 2019, gradesfixer.com/free-essay-examples/latest-cryptocurrency-news/
Latest cryptocurrency news. [online]. Available at: <https://gradesfixer.com/free-essay-examples/latest-cryptocurrency-news/> [Accessed 29 Jun. 2022].
Latest cryptocurrency news [Internet]. GradesFixer. 2019 Feb 11 [cited 2022 Jun 29]. Available from: https://gradesfixer.com/free-essay-examples/latest-cryptocurrency-news/
copy to clipboard
close

Sorry, copying is not allowed on our website. If you’d like this or any other sample, we’ll happily email it to you.

    By clicking “Send”, you agree to our Terms of service and Privacy statement. We will occasionally send you account related emails.

    close

    Attention! This essay is not unique. You can get a 100% Plagiarism-FREE one in 30 sec

    Receive a 100% plagiarism-free essay on your email just for $4.99
    get unique paper
    *Public papers are open and may contain not unique content
    download public sample
    close

    Sorry, we could not paraphrase this essay. Our professional writers can rewrite it and get you a unique paper.

    close

    Thanks!

    Please check your inbox.

    Want us to write one just for you? We can custom edit this essay into an original, 100% plagiarism free essay.

    thanks-icon Order now
    boy

    Hi there!

    Are you interested in getting a customized paper?

    Check it out!
    Don't use plagiarized sources. Get your custom essay. Get custom paper
    exit-popup-close

    Haven't found the right essay?

    Get an expert to write you the one you need!

    exit-popup-print

    Professional writers and researchers

    exit-popup-quotes

    Sources and citation are provided

    exit-popup-clock

    3 hour delivery

    exit-popup-persone