Lloyds Bank customers banned from buying Bitcoins on credit cards

There is a good chance that you have heard or read about Bitcoin.

It has been reported by the Guardian that Lloyds Banking Group have now banned customers from purchasing the cyrptocurrency on credit cards. The Guardian also reported that a spokesperson for Lloyds commented “Across Lloyds Bank, Bank of Scotland, Halifax and MBNA, we do not accept credit card transactions involving the purchase of cryptocurrencies.”

Will this affect you? Do you think that Lloyds Banking Group have made the right decision?

In addition, Bitcoin has been on a rise for a few months with lots of people jumping on the Bitcoin train. ‘During December it climbed to around £13,800, AU$24,500’.

Although following ‘Bitcoin’s massive slide last month’ Lloyds Banking Group fears that people will be unable to pay their cryptocurrency debts if the cryptocurrency continues to decrease in value.

Bitcoin still has the potential to drop and therefore could leave a lot of people at a financial loss.

 

Not just the UK!

The UK are not the only country doing this. ‘Over in the US, major banks are making similar moves’.

‘JPMorgan, Bank of America and Citigroup blocked the purchase of Bitcoin (and other cryptocurrencies) via credit cards, simply because of the risk involved.’

We would love to hear your opinion! Do you think this could be the end of cryptocurrency? Would you still invest? Drop us a message or comment to let us know your thoughts!

 

Sources:

http://www.techradar.com/news/lloyds-bank-customers-banned-from-buying-bitcoins-on-credit-cards

https://www.theguardian.com/business/2018/feb/05/lloyds-bank-bans-buying-bitcoins-credit-cards

http://www.techradar.com/news/has-the-bubble-burst-bitcoin-now-worth-only-10000

 

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