According to the Bank of Queensland, the financial institution changes the terms of loan agreements in such a way that “loans intended for purchases of digital currencies are no longer acceptable”. Such information was provided to the media. This decision is a consequence and result of the Bank’s management concern of the high volatility of crypto assets, due to which borrowers may find themselves at a disadvantage, lose money and stop paying monthly contributions on loans. In addition, the decision is dictated by the Australian regulators over the crypto market in the state, which tighten control over companies directly or indirectly associated with blockchain technologies and cryptocurrencies. Recall, in April this year, the Australian financial intelligence Agency (Austrac) announced the introduction of new rules providing for the adoption of measures to regulate the activities of cryptocurrency exchanges and purchases of bitcoin and altcoins. The Australian taxation office also studies the market and extracts algorithms for assessing and recording profits from investment and trading electronic currencies. The new measures of Bank of Queensland align with the actions of other creditors of combating speculation in the area of virtual currencies and banking. Banks around the world are actively discouraging borrowers from using loans for high-risk investment. For example, Wells Fargo, the third largest Bank in the United States, announced the termination of operations for purchasing digital currencies on well-known exchanges and brokerage platforms with the company’s credit cards. |
