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05-Feb-2018<br />

Big banks crack down on bitcoin<br />

RT Russia Today Online<br />

Click to open<br />

Transactions with bitcoin and other cryptocurrencies are no longer available for 8 million<br />

credit card users of Lloyds Banking Group, which unites Lloyds Bank, Bank of Scotland,<br />

Halifax and MBNA. Read more The ban will not apply to debit cards, only to credit cards<br />

issued by the group.<br />

“Across Lloyds Bank, Bank of Scotland, Halifax and MBNA, we do not accept credit card<br />

transactions involving the purchase of cryptocurrencies,” said a company spokeswoman.<br />

The decision was made to "protect customers," Lloyds said.<br />

Lloyds’ move follows bans at the weekend from American banks JP Morgan Chase, Bank of<br />

America and Citigroup.<br />

The ban comes as holders of bitcoin and other cryptocurrencies continue to suffer a steep<br />

plunge in the value of their holdings. Lloyds said it fears that credit card owners will buy<br />

cryptocurrencies in the hopes of making a profit, but will have to repay the debt when the<br />

price falls.<br />

British Prime Minister Theresa May has said the UK should look “very seriously” at digital<br />

currencies as they can be used by criminals.<br />

Bitcoin has again fallen below $8,000, trading 12.5 percent lower on Monday. It is now 60<br />

percent below its record high of $20,000 reached in December. All but two of the top 100<br />

cryptocurrencies on Coinmarketcap’s list were down at 10:30 GMT, with some losing as<br />

much as 24 percent of their value. The exceptions are #64 bitcore (4 percent growth) and<br />

#83 xplay (43 percent growth).<br />

For more stories on economy & finance visit RT's business section

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