Canadian Multinational Bank, BMO, has decided to take a stance against Bitcoins. The Bank has claimed that this way, it could protect the clients and provide them security. However, deciding to take away the rights of the customers and imposing the Bank’s decision on what the clients should do with their own money, is what the Bank is actually doing.
Bank of Montreal has banned it’s clients from trading in Bitcoins and other cryptocurrency investments. A employee working for the BMO, has informed that the final statements will be shared through emails to it’s users.
The document, titled “Blocking Cryptocurrency Transactions for BMO Credit Cards, Debit Cards, & Intrac Online Payment” says that the measure to stop Bitcoin transactions will be implemented immediately. However, it hasn’t been clearly stated by the bank whether they want to share the reasons of the ban with it’s users as it has only been mentioned that if a client tries to make a crypto transaction, a message shall pop up saying, “transaction cannot be completed”.
The bank considers this to be a safety measure for it’s customers as it states, “This decision was made due to the volatile nature of cryptocurrencies and to better protect the security of our clients and the bank”.
It could be assumed that the BMO thinks that the clients can’t be responsible for their actions while the Bank can be, since recent reports claim that the bank is going to be a part of the Crypto sector. The Bank shall be responsibly giving out their financial services to a would-be crypto brokerage, introduced by the TMX Group.
It’s not just the Bank of Montreal which has decided to put a ban on it’s clients’ choice to trade in Cryptos. Bank of America has also declared that it will not accept credit card transactions from crypto firms.