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   859

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.

Regulation Expert: Ether and Ripple convinced Securities

Gary Gensler, former Obama administration financial regulator, supposes ether and ripple appear as unregistered securities, and in present violation of the law
24 April 2018   60

His words bring a substantial weight in the broader financial community. They also come after enterprise capitalists and lawyers put in ether projects met secretly with the US Securities and Exchange Commission (SEC) to head off such provision. the representatives for both coins insist they’re not securities. 

Former Obama CFTC head Gary Gensler is speaking about cryptocurrencies in the framework of his appointment to the Massachusetts Institute of Technology (MIT). He is thinking upon the crypto’s future relatively to regulation.

He’s concentrated on two of the most popular cryptocurrencies - ether and ripple, as potentially in future supposed to become securities. Should that happen, many experts consider it would herald the drop of both ones. Securities regulation imposes a host of legal burdens upon registrants, and costs to comply are often prohibitive and onerous. 

2018 is going to be a very interesting time. Over 1,000 previously issued initial coin offerings, and over 100 exchanges that offer I.C.O.s, are going to need to sort out how to come into compliance with U.S. securities law. 
Gary Gensler, former chairman, Commodity Futures Trading Commission

He believes that Bitcoin and other resemble currencies are decentralized to such an extent as to not trigger regulation. But that’s not so obvious in the cases of ether and ripple, both of which Mr. Gensler insists are in  breach of securities law.