One of Canada’s largest banks, Toronto-Dominion Bank, conducted a study of the crypto-crrency market and decided to prohibit customers from buying digital currencies through credit cards.
“We regularly review our policies and security measures to protect customers and the bank itself,” said TD Bank spokesman. The Royal Bank of Canada, in turn, allows customers to purchase crypto-loans using credit and debit cards only under certain circumstances. However, the RBC warned its customers about the possibility of a sharp fall in the course of digital assets and the risks associated with the inability to cover debts.
“We constantly review our customer support policy and take into account regulatory measures, as well as other risks in the field of cryptocurrency,” the RBC emphasized.
Other leading banks in Canada have not yet decided on the position with respect to the cryptocurrency.
Bank of America and JPMorgan, British Lloyds and Indian Citibank India and Kotak Mahindra prohibited their clients from purchasing crypto using credit cards. At the same time, Indian banks have extended the ban on debit cards.