Home coin news UK Bank Joins Bank Of America in Banning Credit Card Cryptocurrency Transactions

UK Bank Joins Bank Of America in Banning Credit Card Cryptocurrency Transactions

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 Lloyds Bank, a British retail and commercial bank with branches across England and Wales has reportedly barred its customers from using credit cards to buy bitcoin and other cryptocurrencies.

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The banking giant, which includes Halifax, MBNA and Bank of Scotland, is thought to be the first in the UK to ban credit card customers from borrowing to buy the cyptocurrency, which has more than halved in value in recent months.
A spokeswoman for the banking group said:

Across the Lloyds Bank, Bank of Scotland, Halifax and MBNA we do not accept credit card transactions involving purchase of cryptocurrencies.

Lloyds Bank’s decision is is obviously because of the concern that customers may buy cryptocurrency with credit card amid market euphoria but then fail to pay back should there be a price dip in the value of cryptocurencies. Significantly a large  number of people in Britain are thought to have bought bitcoin as it surged in value, peaking at nearly $20,000 (£14,465) in December. As news of Lloyds’s ban emerged on Sunday the value was about $8,000 (£5,700).

It is noteworthy that this month, the Bank of America and JPMorgan Chase have both also barred the purchase of bitcoin for customers using credit cards.

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