Earlier this week, BMO financial group (Bank of Montreal) has banned cryptocurrency transactions using BMO credit and debit cards, another blow for the crypto-traders who recently saw a sizable number of banks deciding not to finance the cryptocurrency asset class.
In a decision first reported on Reddit in late March and confirmed last week, BMO has blocked all cryptocurrency merchant transactions processed through its MasterCard credit cards (business and personal), debit cards, and Interac Online Payments.
BMO’s decision followed several of the biggest Canadian banks banning cryptocurrency transaction over the past few months, the decision follows a move by the Toronto-Dominion Bank (TD Bank), which announced in late February that it would be restricting its customers from using the bank’s credit cards to purchase cryptocurrency.
Royal Bank of Canada (RBC), Canada’s second-largest bank by assets, cautioned customers that drops in the value of purchased cryptocurrencies may expose clients to higher levels of debt than they are able to repay.
The Bank of Nova Scotia (BNS, Scotiabank) also advised that it was currently in the process of reviewing its policy on cryptocurrency transactions. in recent The Reserve Bank of India also asks for banks to stop dealing with cryptocurrencies.