Large Canadian banks still allow the use of credit cards for the purchase of crypto-currencies

While TD Bank revised its policy and prohibited customers from purchasing creditcards using credit cards, some large banks in Canada still allow such transactions.

The largest bank in Canada, as of April last year, the Bank of Toronto-Dominion (TD Bank), said that it "Prohibits the use of their credit cards for the purchase of crypto currency", reports the Financial Post.

The bank explained:

"In TD we regularly evaluate our policies and security measures to serve and protect our customers."

However, some banks in Canada still allow their customers to buy crypto-loans using their credit cards.

The Royal Bank of Canada (RBC), the country's second-largest bank, said that "it allows you to use credit and debit cards for crypto-currency transactions in limited circumstances," the Financial Post said. Nevertheless, the bank warned customers against the volatility of digital currencies, which "Can subject them to higher levels of arrears than they can repay".

A representative of RBC in an e-mail wrote:

"We are aware that the regulatory risks and other external factors associated with the crypto currency continue to develop. Thus, we continue to revise our rules to know how we can best support our customers. "

Bank of Nova Scotia (Scotiabank), the third-largest bank in Canada, also carefully studies its policy of transactions with crypto-currencies. A spokesman for the bank said:

"We understand that the regulatory factors and risk factors associated with the crypto currency continue to evolve, and as a result we are carefully studying the situation with the crypto-currency transactions."

In addition, the National Bank of Canada, the sixth largest in the country, said earlier this month that it permits transactions of this kind.

Author: Olga Novikova, Analyst Freedman Club Crypto News
Image from Fotolia

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