Once the Bank decided to take action against BTC. The BMO has decided to protect its customers from themselves by banning the use of issued cards for cryptocurrency payments.
Bank of Montreal (TSX:BMO), Canada’s largest multinational banking Corporation imposed a ban on client fees associated with virtual currencies. This was in subtree “CryptoCurrency” on Reddit informed user, who identified himself as an employee of the company.
In his post xmatty87xx redditor posted a photograph of the interior Bulletin supposedly sent to all BMO employees. In the document entitled “Blocking cryptocurrency transactions on credit and debit cards BMO, as well as through Interac Online”, said that the ban takes effect immediately. The following explains what will be to stop all trade transactions involving cryptocurrencies. It is unknown whether the Bank has officially notify their customers about this decision; the Bulletin merely clarifies that, in the exercise of such payments, the user will only receive a notification of “your transaction cannot be completed”.
In the document, the Bank explains that the ban is due to security issues. “The decision was made due to the high volatility of cryptocurrencies and [the need] to better protect our customers and the Bank.”
From this we can conclude that we do not trust the autonomy of clients, despite their involvement in cryptocurrency transactions. A week ago it became known that BMO will start to provide banking services brokerage house service under the management of TMX Group, operator of the Stock exchange of Toronto.
Until now, Canada has relatively few participated in the discussion on the supervision of cryptocurrencies and the benefits of blockchain technology. However, the latter is viewed by the Royal Bank of Canada as an experimental platform for the calculation of credit scores.