One of the most influential banks in Canada is following the global trend. The Toronto-Dominion Bank (TD) has announced on 23 February 2018 that is banning the purchase of crypto coins using credit cards.
According to The Globe and Mail reports, the bank analyzes and modifies its policies conformable to the needs and changes of the market. They take action every time the idea of protection and security is imposed.
The measure taken by the Toronto-Dominion Bank follows somehow the global trend. The first to ban the use of credit cards in order to buy cryptocurrency were J.P. Morgan Chase, Bank of America and Citigroup. Then, other international banks like UK’s Lloyds Banking Group and Australian Virgin Money Bank have joined the trend.
However, on 23 February 2018, the Royal Bank of Canada has announced that it does allow its customers to purchase cryptocurrency using the credit and debit cards. A Bank’s representative stated that “We do recognize that regulatory, risk and other external environmental factors relating to cryptocurrency continues to evolve. As such, we continue to review our policies to consider how we can best support clients.”
There is no information about what the other influential Canadian banks will do- yet. However, the measure taken by the Toronto-Dominion Bank will certainly create a small revolt among the cryptocurrency users.