Australian banks won't prohibit cryptocurrency operations with credit cards

Australian banking groups refuse to follow their American and British colleagues' lead in banning cryptocurrency purchases with credit cards
06 February 2018   1224

Australia and New Zealand Banking Group released an official confirmation that they won't restrict their customers from buying Bitcoin with credit or debit cards.

Official stance towards Bitcoin among the major British and American banks is quite restrictive this days with recent bans for credit card usage in crypto purchases. But Australian banks are still holding the line and for now will allow it.

ANZ representative told ABC news that it “does not prohibit customers buying digital or cryptocurrencies, or accepting them as a form of payment.”

However, ANZ is monitoring such transactions for signs of foul play, or “unusual behavior” as they put it, according to their regulatory responsibilities. Also, the bank doesn't work with crypto issuers or exchanges, because they consider such businesses to be unregulated and out of ANZ policy. But individual investors are safe, for now, to purchase and spend their hard-earned coins as they see fit.

Meanwhile, National Australia Bank reports that, if security concerns arise, they will halt any and all crypto-related transactions. Still too common theft of funds on exchanges is listed as one of the many example of such security breaches. NAB representative says they take their customers security very seriously, so some of the operations with compromised exchanges may not be processed because of that.

Westpac Bank also holds their judgment as of now and says, that they currently have no restrictions on cryptocurrency operations.

SEC May Approve BTC ETF in 2019

This thought was told by Bill Barhydt, chief executive of bitcoin payment start-up Abra
05 September 2018   414

In an interview with CNBC, the head of Abra, Bill Barhydt, said that the SEC had not yet approved the bitcoin-ETF because the initiators of the launch of these funds "do not meet the expectations" of the agency.

I think the issue with the SEC, quite frankly, is that the people who are doing the applications don't fit mold of who the SEC is used to approving. I used to work for Goldman Sachs, but if you look at how I'm dressed you probably wouldn't know it. So I probably, unfortunately, couldn't go like I am here to a meeting at the SEC to say I'm applying for the ability to issue an ETF.

Bill Barhydt

CEO, Abra

According to Barhydt, the applicant must "look, smell and behave" as the SEC wants to approve the application. He also believes that the application for the launch of ETF from a reputable financial company will be approved rather than from a start-up.

He also expressed confidence that the first publicly cryptocurrency ETF will appear next year.

It's going to happen in the next year, I would actually make a bet on it. There is too much demand for it.

Bill Barhydt

CEO, Abra

In late August, the SEC rejected an application for the ProShares Bitcoin ETF and ProShares Short Bitcoin ETF. At the same time, a similar fate awaited several applications for the launch of Bitcoin-ETF from Direxion and GraniteShares.