The Commonwealth Bank of Australia (CBA), Australia’s largest bank, however, revised its policies 14 months ago to prohibit virtual currency purchases via credit card. Despite this, a Commonwealth Bank spokesperson stated that “customers are still able to buy and sell cryptocurrencies using their CBA transaction accounts and debit cards.” CBA subsidiary Bankwest shares the same policies.
Few Banking Options Available to Australian Cryptocurrency Businesses
News.Bitcoin.com was unable to find an Australian financial institution that expressed a willingness to bank cryptocurrency businesses.
Of the major banks, while CBA and Westpac declined to comment on the matter, an ANZ spokesperson indicated that the company’s policy “is to not bank businesses that operate as issuers, dealers or exchanges of digital or crypto-currency as they are outside of our risk appetite.” A spokesperson for regional bank Suncorp also indicated that the company does not provide “services to cryptocurrency businesses.”
The country’s credit union also appears to hold policies that are cold to cryptocurrency businesses, with a Newcastle Permanent spokesperson indicating that the entity does not partner with crypto companies, nor does it permit cryptocurrency purchases using its credit cards.
During the hearing on Friday, India’s supreme court was expected to hear about the country’s crypto regulation from the government as well as address the petitions against the banking restriction by the central bank, the Reserve Bank of India (RBI). However, the courtadjourned without much progress on either matter.
News.Bitcoin.com talked to lawyer Jaideep Reddy on Tuesday who was at the hearing about what actually happened. He represents the Internet and Mobile Association of India (IAMAI), on behalf of Nishith Desai Associates, in its writ petition against the RBI ban.
“The matter started with a counsel for the respondents asking for a passover of the matter (i.e., for the matter to be heard at the end of the list for the day). However, the Bench stated that the matter should be heard and that a passover would not be entertained,” Reddy explained. “The respondents are both the government and the RBI, among others,” he clarified. Regarding the banking restriction, he detailed:
Mr. Gopal Subramanium, Senior Advocate for IAMAI, stated to the Bench that this is a matter of high importance and should be heard at length. The counsel for the respondents then asked for the matter to be heard on a non-miscellaneous day … The Bench accepted this request and has now ordered that the matter be heard on July 23, which is after the court’s summer vacation.
Reddy also noted that “Mondays and Fridays are ‘miscellaneous’ days of the supreme court and the present matter is considered to be of a ‘non-miscellaneous’ nature.” The recently released court order from Friday’s hearing confirms the new date. “Upon hearing the counsel the court made the following order … List the matter on 23rd July, 2019,” the order shows.