Significant banks beginning to cut off credit card use for purchasing Bitcoin and other cryptocurrencies

JPMorgan Chase & & Co., Bank of America Corp. and Citigroup Inc. said they’re haltingpurchases of Bitcoin and other cryptocurrencies on their credit cards. JPMorgan, enacting the restriction Saturday, doesn’t want the credit risk connected with the transactions, company spokeswoman Mary Jane Rogers said. Bank of America began declining charge card

deals with recognized crypto exchanges on Friday. The policy applies to all personal and business charge card, inning accordance with a memo. It does not affect debit cards, said company spokesperson Betty Riess. And late Friday, Citigroup stated it too will halt purchases of

cryptocurrencies on its credit cards. “We will continue to evaluate our policy as this market develops,”business spokesperson Jennifer Bombardier said.- Bloomberg