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Publication Date<br />

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Outlet<br />

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05-Feb-2018<br />

Lloyds bans credit card customers from buying devalued Bitcoin<br />

ITV (Online)<br />

Click to open<br />

Lloyds has become the first banking giant in the UK to ban its credit card customers from<br />

buying the rapidly devaluing digital currency Bitcoin.<br />

The banking group, which also includes Halifax, MBNA and Bank of Scotland, fears<br />

customers could be left in debt after the cryptocurrency's value more than halved in just over<br />

a month.<br />

The move follows warnings by regulators in the US, South Korea, China, Russia and India<br />

over the impact of the slide on investors, who had raced to buy Bitcoin during 2017.<br />

How far has Bitcoin's value risen and fallen? £640 The value of Bitcoin in January 2017<br />

£14,465 The peak value of Bitcoin in December £5,700 The value of Bitcoin today Why is<br />

Bitcoin controversial? The digital currencies are independent of central banks and rely on<br />

encyption techniques to verify the transfer of funds.<br />

But critics warn they are used by criminals and rogue states to carry out clandestine<br />

transactions.<br />

Who else has spoken out about Bitcoin? US billionaire Warren Buffett has warned the boom<br />

will "come to a bad ending", while Germany and France have both called for tougher<br />

regulations.<br />

Facebook has banned adverts for cryptocurrencies on its sites after criticism from users<br />

about scams and hoaxes promoted in their <strong>news</strong>feed.

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