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Even Commonwealth Bank has put a stop on customers buying cryptocurrency citing that the purchases are no more “appropriate.” Several other top financial institutions too followed suit and announced bans/impending bans on the virtual currencies.
This news is a shocker for many, especially those who wanted to hop on the cryptocurrency bandwagon using this method of payment.
The step by banks came on the heels of the volatility of digital currencies such as Bitcoin, which did not go unnoticed by the financial institutions!
The risks that accompany the cryptocurrencies were highlighted by bankers and the World Bank even went on to compare it to “Ponzi schemes.”
