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Bank of Montreal Expands Ban on purchases of Cryptocurrencies

Canada bank (Bank of Montreal) will no more allow people to purchase cryptocurrency on they Interac Direct Payment (IDP), credit and other cards like Mastercards etc.

The spokesman of BMO send an Email to coinDesk on Tuesday without giving more detail about this and send them an Email confessing that Interac forbid the use of MasterCard debit & credit for purchasing or doing online payments of cryptocurrencies a week ago.

Last week, on Reddit it’s a fame that the Bank of Montreal is claiming to ban the use of debit and credit cards on the purchase of cryptocurrency” as to secure they clients from the inflammatory flow of cryptocurrency the message read.

The Bank confessed that if there will be any more transactions regarding the purchase of cryptos they will obstruct it &  if there will be any negotiation related to purchase of cryptocurrencies they will temporarily charge an amount of fine which will be directly cut off from their accounts they wrote this in their documentary to.

In the same week, the rumor came that the largest bank of Denmark as Danske Bank has choked the use of cryptocurrencies on their debit cards overall because according to them there its three main impacts which are creating problems:

  • a lack of customer protection;

  • high volatility and

  • ack of regulatory oversight said Danske Bank.

In January 2018, U.S. banks JPMorgan Chase and Bank of America also banned the purchase of cryptocurrency with their debit cards.

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