I just found out today that The Commonwealth Bank of Australia is blocking the purchase of cryptocurrencies for both credit cards and debit cards. I am not even remotely impressed.
I was trying to add money to my coinbase account, which is one of the most popular and repopulate concurrency businesses on the entire Internet, globally
I don’t care if I am trying to purchase plots of land on the moon from someone in Botswana, I should be allowed to purchase what ever I want. It’s none of the Commonwealth banks business what I purchase with my money, unless it’s illegal — and last I heard, cryptocurrencies are not illegal. They’re thriving and flourishing.
The Commonwealth Bank contradicts itself. First it says:
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.
Our customers can continue to buy and sell virtual currencies using other CommBank transaction accounts, and their debit cards.
..but the down at the bottom of the page they say:
We are aware of some instances where customers found that their attempts to buy or sell virtual currencies did not work. This can be due to a number of reasons, including: The virtual currency exchange the customer is using has been blocked by our security systems.
This is double speak. In short they are saying: “We’ve blocked the purchase of cryptocurrencies with Commonwealth Bank credit cards, but you can use debit cards. However, we block the purchase of cryptocurrencies with debit cards with our security system.
To add to the cheek, further down the page again, they say:
..credits [ie: from businesses like coinbase] will continue to be authorised by the Bank onto credit cards.
Wow. The Commonwealth Bank is looking for anti-competition lawsuit, or class action from cryptocurrency companies as far as I can see. They’re blatantly blocking cryptocurrencies, with no respect for their customers intelligence and/or ability to manage their own money.
How long will it be before the Commonwealth bank says: “You can’t by donuts with your card, because they’re unhealthy”, or “You can’t purchase that car, because last year it was known to have airbag issues”.
This is beyond ridiculous. The Commonwealth bank of Australia has lost the plot. I do not appreciate my bank assuming the nanny role in my life. I do not appreciate any entity telling me what I can and can’t do with the money I work hard for.