Bank of Montreal Now Blocking Cryptocurrency Transactions

The Bank of Montreal has begun blocking cryptocurrency transactions on its credit and debit cards, according to an affected customer who posted a letter from the bank on Reddit.

The letter says that the decision was made "to protect the security of our clients and the bank" from the "volatile nature of Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term". Customers attempting to make cryptocurrency transactions using a BMO credit card, debit card, or online payment service will be presented with a message informing them that this is not possible. The new policy is effective immediately.

Interestingly, only a few days ago we reported on that same bank agreeing to provide banking services to a new brokerage platform that will be handling cryptocurrencies. The new operation will be processing only Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term and Ethereum initially, but will offer additional coins if there is demand.

The platform is to be opened by TMX Group, owner of the Toronto Stock Exchange and myriad Canadian financial companies such as TSX Venture Exchange, TSX Alpha Exchange, the Canadian Depository for Securities, the Montréal Exchange and the Canadian Derivatives Clearing Corporation, to name but a few. It has an office in Montréal.

The fact that the bank will process the cryptocurrency requests of brokerage companies but not of its customers could be seen as a contradictory policy; Finance Magnates reached out to the bank for comment, and will update the article if a reply is received.