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   1537

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.

Most Crypto to Fail, Digital Currency Group CEO Says

Barry SIlbert believes Bitcoin is a king and when the mood among major investors changes, BTC is waiting for serious and aggressive growth
14 February 2019   240

Barry Silbert, head of Digital Currency Group, continues to believe in Bitcoin’s great future, but questions the long-term prospects of most existing cryptocurrencies and digital tokens, saying in an interview with CNBC that they will all be worthless in the future.

I'm not a believer in the vast majority of digital tokens and believe most will go to zero. Almost every ICO was just an attempt to raise money but there was no use for the underlying token. The vast majority of what's out there will be eliminated.

Barry Silbert

Head, Digital Currency Group

At the same time, Barry Silbert is convinced that Bitcoin, despite the current “terrible schedule”, enjoys great interest from institutional investors and “won the fight for the title of digital gold”.

According to him, the new generation of investors no longer sees gold as a “safe haven”, and the money that is now in gold will be converted into cryptocurrency.

I'm convinced that whatever money is in gold is not going to stay in gold. That gets handed down to millennials. I'm highly confident a lot of that will go into bitcoin.

Barry Silbert

Head, Digital Currency Group

Barry Silbert believes that the buy and hold strategy is fully justified, although it is still difficult to say exactly when large institutional money will go into Bitcoin. Nevertheless, he noted, at the beginning of 2019, all the necessary infrastructure was already in place, listed the upcoming launch of the Fidelity custodial solution and investment opportunities such as the Bitcoin futures platform Bakkt.

When the mood among major investors changes, Bitcoin is waiting for serious and aggressive growth, Silbert added.