Bank of Montreal Enlarges Crypto Purchase Ban

Canada’s Bank of Montreal (BMO) will never again enable clients to purchase cryptocurrency utilizing Interac debit cards.

A representative for the bank affirmed the move in an email to CoinDesk Tuesday, without giving a clarification. The Interac ban takes after reports that the bank banned crypto buys through Mastercard debit and credit cards weeks back.

In the email, the representative stated:

“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.”

Untrue things about the move surfaced a week ago on Reddit, when a client asserting to work for the bank shared what he or she depicted as a “companywide” email, dated March 28. The client shot a computer screen showing the email and included the picture in the Reddit post.

On that email:

“This decision was made due to the volatile nature of cryptocurrencies, and so to better protect the security of our clients and the bank.”

Exchanges would be blocked by and large for Mastercard products, while a brief charge will be set for clients utilizing an Interac card to buy digital currency. Be that as it may, Interac exchanges will eventually be obstructed also, as indicated by the report.

The news came the same week from Danske Bank, the biggest bank in Denmark, distributed a report expressing it was “negative” generally towards cryptocurrencies for three primary reasons: an absence of client assurance, high unpredictability, and absence of administrative oversight.

While Danske Bank will keep on allowing its clients to buy cryptocurrencies with credit cards, it said it will stop the obtaining of digital currency-related subordinate items or trade exchanged notes.

Prior this year, U.S. banks JPMorgan Chase and Bank of America restricted crypto buys with their credit cards.