The recommended way to buy bitcoin in Australia with NAB is: Swyftx
The banking industry in Australia is controlled and influenced by four big banking groups. These include the Commonwealth Bank, Westpac, ANZ, and NAB. Previously, Commonwealth was the most hostile on Bitcoin. Both ANZ and NAB worked with digital currency companies.
Bitcoin as an exchange medium, unit of count and store of value has not had acceptance mainstream or by government authorities in Australia. Decentralization of Bitcoin allows for low-cost fund exchanges.
NAB and Bitcoin
NAB was the most Bitcoin-friendly bank in Australia with their team working with Bitcoin businesses to build relationships and help them understand digital currencies and how to prevent digital fraud. This took a turn when NAB decided to close all bitcoin accounts in May 2014.
NAB stated they made a review on cryptocurrency trading businesses and decided the trade posed a lot of risks to NAB and its reputation. It decided to stop giving banking services to any digital currency business. Bitcoin-related businesses also got out of NAB to work with other reliable financial institutions.
National Australian Bank also suggested they will not allow some cryptocurrency transactions to progress due to rising security concerns. Virtual currency platforms are not regulated hence customers may not get the protection they need. Customers can also not take any legal action when these platforms get hacked or fail.
Buying Bitcoin with a NAB account
Buying bitcoin using the NAB Trade platform with a NAB account is impossible as NAB abolished bitcoin accounts and trading activities citing security risks of the bank and its customers. NAB still hasn’t laid out solutions for bitcoin purchase and trading in Australia.
There are however other fast and safe ways of acquiring Bitcoin in Australia using NAB bank accounts. Swyftx is one of the safest, fast and trusted exchange platforms in Australia.
This is an exchange platform based in Melbourne. It is Australia’s most trusted and largest digital currency trading platform. Swyftx’s exchange programme allows their users to buy Bitcoin with NAB bank accounts at lower fees and instant withdrawals and deposits.
Buying Bitcoin with a NAB account on Swyftx
The following are the steps one needs to follow to purchase bitcoin using a NAB account.
• Registration of a NAB account with Swyftx
• You have to enable authentication for your security
• Verification of business or personal details
• Depositing of AUD in your NAB bank
• Proceed to trade and select bitcoin
• Input the much you want to trade
• Purchase bitcoin
NAB and CBDC
National Australian Bank and its executives are in league with the Reserve Bank in testing if the central Bank-issues digital currency is viable and is the way to go for programmable money.
The new currency aims to reduce the risks of syndicated loans through direct payment links, increased blockchain technology efficiency, and asset transfers. CBDC assets can be tokenised with digital representations reducing the friction of trading. It will also help accelerate settlements by linking ownership transfer and payments.