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Canada's Bank of Montreal strengthens rules against Cryptocurrency trades

Pooja
Pooja

In a recent report, the Bank of Montreal(BMO) of Canada has decided to tighten its security against cryptocurrency trading and will not entertain any sort of transactions made using Interac debit card for the purchase of cryptocurrency.

This news was leaked when an email interaction of spokesperson from a financial institution was posted on Reddit. The mail talks about the Interac ban wherein bank restricted purchases of cryptocurrencies through its MasterCard debit and credit cards.

As per statements from Spokesperson in the mail,

I can confirm that we no longer allow the purchase of cryptocurrencies through Interac Online Payments or the use of a credit or debit card with the MasterCard brand of retail consumer

The email communication was shared in the form of screen capture with Reddit Publication image on it and the mail further highlights about,

This decision was made due to the volatile nature of the cryptocurrencies, and thus better protect the safety of our customers and the bank.

Documents from Bank of Montreal(BMO) say that any transactions made using  MasterCard products will be blocked directly whereas Interac online payment transaction for cryptocurrency trading will deduct customer amount temporarily. But eventually, block the finalized transaction and present advisory message for the incomplete transaction.

Earlier Danske Bank, the largest bank in Denmark, published a document that said cryptocurrencies are “negative” in general, for three main reasons: lack of client protection, high volatility and lack of regulatory oversight.

While Danske Bank will continue to allow its customers to buy cryptocurrencies with credit cards, it also stated that it will stop buying derivatives products related to cryptocurrency.

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Pooja

Lead writer at Wolfcone.com and avid reader. My interests lie in everything and anything related to technology. I firmly believe cryptocurrency has the power to revolutionize world economy and blockc