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05-Feb-2018<br />

LLOYDS BANKING : Bank to ban credit card owners from buying cryptocurrencies<br />

4-traders<br />

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Lloyds Banking Group Plc said on Sunday it would ban its credit card customers from<br />

buying Bitcoin and other cryptocurrencies. "Across Lloyds Bank, Bank of Scotland, Halifax<br />

and MBNA, we do not accept credit card transactions involving the purchase of<br />

cryptocurrencies,” a company spokeswoman said in an email.<br />

Britain's biggest mortgage lender will ban its credit card customers from buying Bitcoin amid<br />

fears that they could run up huge losses, the Telegraph reported earlier on Sunday.<br />

The company will block any attempts to buy Bitcoin with a credit card starting on Monday,<br />

but digital currencies could be purchased with debit cards, the <strong>news</strong>paper said.<br />

Credit card customers of the bank will be blocked from buying Bitcoin online through a<br />

blacklist that will flag sellers, according to the Telegraph.<br />

The company fears that credit card owners will buy Bitcoin hoping to make a profit when its<br />

value goes up, but will be laden with debt if its price falls, the paper reported.<br />

British Prime Minister Theresa May has said Britain should take a serious look at digital<br />

currencies such as Bitcoin because of the way they can be used by criminals.<br />

Digital currencies plunged on Friday, with Bitcoin at one point sliding below $8,000 and<br />

headed for its biggest weekly loss since December 2013, amid worries about a global<br />

regulatory clampdown.<br />

(Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Peter Cooney)

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