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Publication Date<br />

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05-Feb-2018<br />

Lloyds Bank bans Bitcoin purchases as price plummets<br />

BusinessCloud.co.uk<br />

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Lloyds Banking Group has banned its customers from buying cryptocurrencies on its credit<br />

cards.<br />

Eight million credit card customers of Lloyds Bank, Bank of Scotland, Halifax and MBNA will<br />

be unable to purchase Bitcoin and any other cryptocurrencies from today.<br />

However its debit card customers will still be able to do so.<br />

Bitcoin fell in value to $8,291.87 last week, a drop of 30 per cent over the week. It reached<br />

of high of $19,000 last November.<br />

Lloyds is worried that its customers could be unable to repay debts, should the share price<br />

continue to fall.<br />

A Lloyds spokeswoman said: "We continually review our products and procedures and this<br />

is part of that."<br />

The drop in the value of Bitcoin and other cryptocurrencies came after Indian politician Arun<br />

Jaitley, the country’s finance minister, said it wanted to eradicate payments made in virtual<br />

coins.<br />

“The Government does not consider cryptocurrencies legal tender or coin and will take all<br />

measures to eliminate use of these crypto-assets in financing illegitimate activities or as part<br />

of the payment system,” he said.<br />

“The Government will explore use of block chain technology proactively for ushering in<br />

digital economy.”

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