Bank of Montreal Maintains Its Stance On Crypto Purchase Ban

Bank of Montreal Maintains Its Stance On Crypto Purchase Ban

Bank of Montreal (BMO) in Canada will no longer allow customers to buy cryptocurrency using Interac debit cards.

A spokesperson for the bank confirmed this via an email to CoinDesk Tuesday. The Interac ban follows reports that the bank barred crypto purchases through Mastercard debit and credit cards weeks ago.

In the email, the spokesperson said:

I can confirm that we no longer allow the purchase of cryptocurrencies via Interac Online Payments or by using a retail consumer Mastercard-branded credit or debit card.”

 

Transactions would be blocked for MasterCard products, while a temporary charge will be placed for customers using an Interac card to purchase cryptocurrency. However, Interac transactions will ultimately be blocked as well, according to the document.

Also, earlier this year, U.S. banks JPMorgan Chase and Bank of America banned crypto purchases with their credit cards.

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