Unlike US central banks which do not accept the use of bitcoin as payment, Australia's largest banks have ruled out any thoughts of preventing customers from purchasing cryptocurrencies such as bitcoin. These banks will not prevent their customers from purchasing digital currencies using their banks' services, which include credit cards, Australian news outlet ABC reports. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an original essay While Australia and New Zealand Banking Group (ANZ) refuses to deal with companies operating as “issuers, dealers or exchanges” of cryptocurrency due to their unregulated nature, banks have no concerns or reservations regarding their customers buying cryptocurrencies with their own money. Speaking to ABC News, an ANZ spokesperson said the bank: "Does not prohibit the purchase of digital currencies or cryptocurrencies, nor their acceptance as a form of payment." A spokesperson for Westpac, Australia's second largest bank by market capitalisation, also added that the bank currently has no restrictions on the use of credit cards when purchasing cryptocurrency. “We currently have no restrictions on the use of credit cards to purchase cryptocurrency.” Meanwhile, the National Australia Bank (NAB), has hinted at curbing 'certain card transactions' to reduce risks to customers if certain security signals are triggered. While the Commonwealth Bank has not confirmed or denied this policy, there are no cases to suggest that the bank is preventing customers from purchasing cryptocurrencies. Australia is already pushing forward with new regulatory rules and laws for cryptocurrency trading platforms with new legislation bringing exchange operators under the supervision of the country's financial intelligence agency and watchdog, AUSTRAC While the banks' position may change in the future, their clear statements in the present are against moves made by a handful of large retail banks in the UK and US On Tuesday, British banking giant Lloyds Group confirmed it will block its 9 million credit card users from buying cryptocurrencies, fearing. an increase in future unpaid debts due to the volatile changes that seem to affect the cryptocurrency markets on a rather constant basis. The ban extends to its subsidiary banks Halifax, MBNA and Bank of Scotland. Please note: this is just an example. Get a custom paper from our expert writers now. Get a Custom Essay The change in Lyods policy to prevent cryptocurrency purchases follows similar moves made by two major US banks over the weekend. JPMorgan Chase, the largest US bank, and Bank of America have both banned cryptocurrency purchases via credit cards. JPMorgan's ban took effect on Saturday, while Bank Of America's ban, which extends to personal and business credit cards, took effect on Friday. Citigroup has also stopped cryptocurrency purchases on its credit cards, but confirmed it will "review" its policy as the cryptocurrency market evolves.