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Blow for Bitcoin! Banks in UK & US ban crypto buying with credit cards

The decision on whether to allow credit card users to buy cryptocurrencies is a credit risk decision made by the card-issuing banks, a spokesman for Mastercard said

Reuters 

Banks in Britain and the United States have banned the use of credit cards to buy Bitcoin and other "cryptocurrencies", fearing a plunge in their value will leave customers unable to repay their debts. Lloyds Banking Group Plc, Britain's biggest lender, said on Sunday it would ban its credit card customers from buying cryptocurrencies, following the lead of US banking giants JP Morgan Chase & Co and Citigroup. 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 ...

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First Published: Tue, February 06 2018. 07:48 IST
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