Commonwealth Bank blocks credit card cryptocurrency purchases

Andrew Munro 14 February 2018

shutterstock commonwealth bank branch 738x410

Debit cards are still fine, but no more crypto with CBA or Bankwest credit cards.

"Due to the unregulated and highly volatile nature of virtual currencies, customers will no longer be able to use their CommBank credit cards to buy virtual currencies. This will come into effect as of 14 February 2018," Commonwealth Bank announced.

"Our customers can continue to buy and sell virtual currencies using other CommBank transaction accounts, and their debit cards. We have made this decision because we believe virtual currencies do not meet the minimum standard of regulation, reliability and reputation when compared to currencies that we offer to our customers. Given the dynamic, volatile nature of virtual currency markets, this position is regularly reviewed."

Why?

Many other banks have blocked credit card cryptocurrency purchases, most likely to avoid the possibility of their customers racking up cryptocurrency debt which goes unpaid after a market crash.

"Virtual currencies are unregulated and, as has been made clear in recent months, highly volatile. We no longer feel it appropriate to authorise credit card purchases for these currencies."


You can still receive deposits from cryptocurrency exchanges onto your card, and this only applies to Commonwealth Bank and Bankwest credit cards. Debit cards, bank deposits and everything else should still work as intended. At the time of writing, none of the other Australian banks has blocked crypto credit card purchases, but it's possible that some will follow suit in the near future.

There are a number of ways to buy cryptocurrency with credit card in Australia, but not with a Commbank card anymore.


This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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Disclosure: At the time of writing the author holds ETH, IOTA, ICX, VEN, XLM, XRB, SALT

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