Blow for Bitcoin! Banks in UK & United States ban crypto buying with charge card

Banks in Britain and the United States have actually prohibited the usage of charge card to purchase JP Morgan Chase & Co and Citigroup.

The move is targeted at securing consumers from running up big debts from purchasing virtual currencies on credit, if their values were to plunge, a Lloyds spokesperson said.

Concerns have emerged among credit card companies because their clients have actually significantly been utilizing credit cards to money accounts on online exchanges, which are then utilized to acquire the digital currencies.

Other banks stated on Monday they will continue to enable credit card clients to buy cryptocurrencies.

“We constantly evaluate our protections for customers as an accountable bank and loan provider, and are keeping this matter under close review,” a spokesperson for Barclays said.

“At present UK clients can use both their Barclays debit card and Barclaycard credit card to purchase Bitcoin online through a”blacklist”that will flag sellers. A spokeswoman from the Royal Bank of Scotland declined to talk about the bank ‘s policy. Europe’s greatest

bank HSBC did not react to requests for remark on whether it allows credit card purchases of cryptocurrencies.

Concerns about the usage of

Bitcoin and other such currencies extend beyond the use of charge card for borrowing. British Prime Minister Theresa May has stated Britain needs to take a severe appearance at digital currencies such as Bitcoin due to the fact that of the method they can be used by bad guys.