Canada’s Bank of Montreal (BMO) will no longer allow customers to purchase cryptocurrency using Interac debit cards. Interac is a Canadian organization that links corporate networks of institutions to form a secure connection between them and for the purpose of exchanging electronic financial transactions.
A spokesman of the bank confirmed this step in an e-mail without giving any explanation.
“I can confirm that we no longer allow the purchase of cryptocurrencies via Interac Online Payments or by using a retail consumer Mastercard-branded credit or debit card,” spokesperson said.
Rumors of the movement surfaced last week on Reddit. A user who introduced himself as a bank employee shared a “corporate” email dated March 28th. It was a photo of the computer monitor displaying e-mail.
“Effective immediately, BMO will be blocking cryptocurrency merchant transactions. This decision was made due to the volatile nature of cryptocurrencies, and so to better protect the security of our clients and the bank,” the message said.
Transactions will be blocked for Mastercard products, while for customers using the Interac card to purchase cryptocurrency, a temporary fee will be charged. However, according to the document, Interac transactions will also be blocked.