Major banks across the United States have banned together and have banned cryptocurrency purchases on most credit cards across the country. The three major groups that are taking part in this cryptocurrency ban include Bank of America (NYSE:BAC), J.P Morgan Chase (NYSE:JPM) and Citigroup (NYSE:C).
It seems that the crypto purchase ban is now reaching more north and is now being implemented in Canada.
>> Bank of America & Chase Crypto Ban
The major Canadian financial institution, Bank of Montreal (BMO), will no longer allow its customers to buy cryptocurrency using Interac debit cards. This is slightly different than the credit card ban in the United States but still will have a negative effect on the cryptocurrency market. Canadians already have a tougher time purchasing cryptocurrencies on exchanges, compared to the options Americans have.
A spokesperson confirmed via email that the bank stopped cryptocurrency purchases through their Mastercard debit and credit cards a few weeks ago.
The email to CoinDesk reads:
“I can confirm that we no longer allow the purchase of cryptocurrencies via Interac Online Payments or by using a retail consumer Mastercard-branded credit or debit card. This decision was made due to the volatile nature of cryptocurrencies, and so to better protect the security of our clients and the bank.”
Rumors of the ban started on Reddit when someone that worked for the bank shared a company-wide email to the crypto Reddit community.
Tech Wizardry from Reddit said in response, “Credit I understand, but debit as well? F** YOU, BMO!”
Will the rest of the Canadian banks follow suit and make it even more difficult for Canadian citizens to buy cryptocurrency?
This week the largest bank in Denmark, Danske Bank, published an article showing a negative light towards cryptocurrencies saying that there was lack of customer protection, high volatility, and lack of regulatory oversight.
Featured Image: Archi
Sharon is a journalist based in Durban, South Africa. He has years of experience in writing for a number of print and digital platforms, ranging from sport to technology and of course, Cryptocurrencies.