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Banks in Britain and U.S. ban Bitcoin buying with credit cards
Source: Reuters
#CYBER RISK FEBRUARY 4, 2018 / 6:11 PM / UPDATED AN HOUR AGO
Banks in Britain and U.S. ban Bitcoin buying with credit cards
Lawrence White, Emma Rumney
4 MIN READ
(Reuters) - Banks in Britain and the United States have banned the use of credit cards to buy Bitcoin and other “crypto currencies”, fearing a plunge in their value will leave customers unable to repay their debts.
Lloyds Banking Group Plc (LLOY.L), Britain’s biggest lender, said on Sunday it would ban its credit card customers from buying crypto currencies, following the lead of U.S. banking giants JP Morgan Chase & Co (JPM.N) and Citigroup (C.N).
The move is aimed at protecting customers from running up huge debts from buying virtual currencies on credit, if their values were to plummet, a Lloyds spokeswoman said.
Concerns have arisen among credit card providers because their customers have increasingly been using credit cards to fund accounts on online exchanges, which are then used to purchase the digital currencies.
-snip-
Banks in Britain and U.S. ban Bitcoin buying with credit cards
Lawrence White, Emma Rumney
4 MIN READ
(Reuters) - Banks in Britain and the United States have banned the use of credit cards to buy Bitcoin and other “crypto currencies”, fearing a plunge in their value will leave customers unable to repay their debts.
Lloyds Banking Group Plc (LLOY.L), Britain’s biggest lender, said on Sunday it would ban its credit card customers from buying crypto currencies, following the lead of U.S. banking giants JP Morgan Chase & Co (JPM.N) and Citigroup (C.N).
The move is aimed at protecting customers from running up huge debts from buying virtual currencies on credit, if their values were to plummet, a Lloyds spokeswoman said.
Concerns have arisen among credit card providers because their customers have increasingly been using credit cards to fund accounts on online exchanges, which are then used to purchase the digital currencies.
-snip-
Read more: https://www.reuters.com/article/us-lloyds-bank-uk-bitcoin/banks-in-britain-and-u-s-ban-bitcoin-buying-with-credit-cards-idUSKBN1FO0UL
