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Commonwealth Bank blocks credit card cryptocurrency purchases

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Debit playing cards are nonetheless high-quality, however not more crypto with CBA or Bankwest credit playing cards.

“Due to the unregulated and extremely unstable nature of virtual currencies, shoppers will not be capable to use their CommBank credit playing cards to shop for digital currencies. This will come into impact as of 14 February 2018,” Commonwealth Bank introduced.

“Our customers can continue to buy and sell virtual currencies using other CommBank transaction accounts, and their debit cards. We have made this decision because we believe virtual currencies do not meet 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.”

Why?

Many different banks have blocked credit card cryptocurrency purchases, possibly to keep away from the opportunity of their shoppers racking up cryptocurrency debt which matches unpaid after a marketplace crash.

“Virtual currencies are unregulated and, as has been made clear in recent months, highly volatile. We no longer feel it appropriate to authorise credit card purchases for these currencies.”


You can nonetheless obtain deposits from cryptocurrency exchanges onto your card, and this simplest applies to Commonwealth Bank and Bankwest credit playing cards. Debit playing cards, financial institution deposits and the whole lot else will have to nonetheless paintings as meant. At the time of writing not one of the different Australian banks have blocked crypto credit card purchases, however it is conceivable that some will observe swimsuit within the close to long term.

There are numerous techniques to shop for cryptocurrency with credit card in Australia, however no longer with a Commbank card anymore.


This data will have to no longer be interpreted as an endorsement of cryptocurrency or any particular supplier, provider or providing. It isn’t a advice to business. Cryptocurrencies are speculative, advanced and contain important dangers – they’re extremely unstable and delicate to secondary job. Performance is unpredictable and previous efficiency is not any ensure of long term efficiency. Consider your individual instances, and acquire your individual recommendation, prior to depending in this data. You will have to additionally test the character of any services or products (together with its criminal standing and related regulatory necessities) and seek the advice of the related Regulators prior to making any determination. Finder, or the writer, will have holdings within the cryptocurrencies mentioned.

Latest cryptocurrency information

Picture: Shutterstock

Disclosure: At the time of writing the writer holds ETH, IOTA, ICX, VEN, XLM, XRB, SALT

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