Australian Bank CBA Follows US Banks Such as JPMorgan, Bank of America, and Citi On Banning Bitcoin Purchases With Credit Card.

As an announcement, the Australian Bank CBA stated:

“We have made this decision because we believe virtual currencies do not meet a 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.”

CBA is one of Australia’s largest bank and it has banned its customers from buying cryptocurrencies like bitcoin using its credit cards, starting today.

Due to lack of regulations and high volatility of cryptocurrency market, its bank the Commonwealth Bank of Australia (CBA) will discontinue its credit card purchases of cryptocurrneices – this also extends to perth-based bankwest, which is a bank that is acquired by the CBA with operations in the country. But the restriction won’t extend to its customers who are still able to buy and sell using their debit cards.