Skip to main content

Canadian Multinational Bank BMO Blocks Cryptocurrency Transactions

Canadian Multinational Bank BMO Blocks Cryptocurrency Transactions

Like taxi drivers attacking Uber or candle makers trying to block out the sun, another bank has taken a stand against bitcoin. BMO is apparently trying to protect its clients from themselves by taking away the freedom to decide what to do with their own money, like using cryptocurrency.

Also Read: Steven Seagal Karate Chops Bitcoiin ICO Goodbye

BMO Financial Group

Canadian Multinational Bank BMO Blocks Cryptocurrency TransactionsBank of Montreal (TSX:BMO), the major Canadian multinational banking corporation operating as BMO Financial Group, has reportedly implemented a ban on its clients participating in cryptocurrency transactions. A Reddit user claiming to be working for the bank has shared an internal document (Ops Bulletin #632 dated March 28, 2018) said to be sent via email company-wide announcing the restrictive measures.

According to the document, titled “Blocking Cryptocurrency Transactions for BMO Credit Cards, Debit Cards, & Intrac Online Payment,” the ban is effective immediately. It explains that BMO will be blocking cryptocurrency merchant transactions. It is not clear from the text if the bank had any intention of informing its clients about the reason their transactions will be blocked as it only mentions that when clients try to complete any cryptocurrency transaction they will be presented with a simple message advising them that the “transaction cannot be completed.”

Bravely Protecting Clients From Themselves

Canadian Multinational Bank BMO Blocks Cryptocurrency TransactionsThe alleged rationale for the move the bank presents to its employees is safety concerns. “This decision was made due to the volatile nature of cryptocurrencies and to better protect the security of our clients and the bank.”

This suggests that the bank believes it can be responsible for its own actions while its clients can’t, because it was only recently announced that BMO is becoming directly involved in the cryptocurrency market. Bank of Montreal will be providing banking services to an upcoming cryptocurrency brokerage, selling bitcoin and ether, launched by TMX Group, the operator of the Toronto Stock Exchange.

BMO is not the only financial corporation in the world world recently trying to block its clients from accessing the bitcoin market of course. Just south of the border, Bank of America has stopped accepting credit card transactions from cryptocurrency exchanges last month.

How should BMO clients respond to this development? Share your thoughts in the comments section below.

Images courtesy of Shutterstock.

Bitcoin News is growing fast. To reach our global audience, send us a news tip or submit a press release. Let’s work together to help inform the citizens of Earth (and beyond) about this new, important and amazing information network that is Bitcoin.

The post Canadian Multinational Bank BMO Blocks Cryptocurrency Transactions appeared first on Bitcoin News.



from Bitcoin News https://ift.tt/2GBPRqx
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more