Credit Card Crypto-Buying Continues to be Supported By Canada’s Biggest Banks
Despite the fact that many lenders [various banks] in a global scale like in U.S. do block transactions related to Bitcoin or altcoins, Canada’s most famous banks are still allowing costumers to purchase the digital currencies on standard processes.
Canada’s biggest lender Toronto-Dominion Bank, [stated by Julie Bellissimo – a spokeswoman on Monday] makes such transactions possible using debit cards or a TD credit for the time that the merchant is authorized to accept Visa debit, Interac, Visa or MasterCard.
The follow-up Royal Bank of Canada keeps a similar stance to the lead-lender allowing such transaction that are related to cryptos in limited circumstances:
“We recognize that regulatory, risk and other external environmental factors relating to cryptocurrency continues to evolve,” RBC spokesman AJ Goodman said in a statement. “As such, we continue to review our policies to consider how we can best support clients.”
British financial institution Lloyds Banking Group has reportedly banned its customers from purchasing bitcoin and other cryptocurrencies on their credit cards.
According to a report from the BBC, the decision from Lloyds won’t impact debit card holders, but only applies to the banking group’s eight million credit card holders across its subsidiaries, taking effect the 5th February.
In the same manner, in the U.S. JpMorgan Chase&Co, Citigroup Inc. and Bank of America Crop., have stopped Bitcoin and other digital currencies related transactions [purchases] for 4 days now.
Despite that Canadian banks do allow the transfers to be completed they are watching carefully when it comes to a critical observation of regulatory and the plunge in Bitcoin prices.
“There is nothing that would generally block a transaction, however we are carefully reviewing our policy,” Rick Roth, a Bank of Nova Scotia spokesman.