Big Banks in Australia Still Allow Cryptocurrency Purchases

It seems that Australia has decided not to follow the example of the US and the UK. Some of the biggest banks that operate in the country announced that they will not prohibit customers from buying cryptocurrencies using their bank accounts.

Australian banks are not against cryptocurrency purchases

ABC News reported that both Australia and New Zealand Banking Group (ANZ) and Westpac have expressed their commitment to not ban customers from buying cryptocurrencies using their bank accounts. ANZ stated that there will be no ban when it comes to buying or accepting cryptocurrencies. However, this does not mean that there will be absolutely no interest from ANZ with regards to these types of transactions.

In fact, ANZ will monitor transactions for unusual behavior with the main purpose to ensure that no fraud is taking place and to comply with its legal responsibilities regarding criminal behavior. However, an important thing to mention is that the bank will not work with "businesses that operate as issuers, dealers or exchanges of digital or cryptocurrency."

ANZ said that the reason why it will not engage with these types of businesses is because they are unregulated and are not covered by the bank's current policies.

Westpac adopted a similar stance, the bank saying that it does not have restrictions when it comes to buying cryptocurrencies with the use of Westpac's credit cards. However, it remains unclear for the moment if the big Australian bank will maintain this policy, as a representative for Westpac did not reveal if the bank was thinking about changing its stance.  

The National Bank of Australia (NAB) has not imposed a ban either, but claimed that that some "card transactions may not be processed." Of course, the bank said that this aims to reduce the risks for customers and to ensure their protection.