Lloyds Bank to ban credit card transactions involving Bitcoin purchase

Monday 5 February 2018 10:46 CET | News

Lloyds Banking Group has announced it would ban its credit card customers from buying Bitcoin and other cryptocurrencies, according to Reuters.

The bank’s decision to prohibit its credit card customers from buying Bitcoin was made amid fears that they could run up huge losses. The company fears that credit card owners will buy Bitcoin hoping to make a profit when its value goes up, but will be laden with debt if its price falls, the Telegraph reported.

Credit card customers of the bank will be blocked from buying Bitcoin online through a blacklist that will flag sellers, according to the Telegraph. Furthermore, the company will block any attempts to buy Bitcoin with a credit card starting on Monday, February 5, but digital currencies could be purchased with debit cards.

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Keywords: Lloyds Banking Group, cryptocurrency, Bitcoin, Bitcoin transactions, credit card, debit card, UK
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: World
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