09.02.2018 Views

news

You also want an ePaper? Increase the reach of your titles

YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.

Publication Date<br />

Headline<br />

Outlet<br />

URL<br />

Snippet<br />

05-Feb-2018<br />

Lloyds Bank bans bitcoin and other cryptocurrency credit card purchases<br />

NewsR.in<br />

Click to open<br />

Lloyds Banking Group has banned customers from buying bitcoin and other<br />

cryptocurrencies using credit cards, as a wave of banks around the world fear being on the<br />

hook for big losses if the cryptocurrency sell-off continues.The ban, which comes into effect<br />

today across all of the British banking giant's brands, will mean cryptocurrency exchanges<br />

are blacklisted by the bank, preventing customers from taking on debt to buy the volatile<br />

assets.A Lloyds spokesperson said: “Across Lloyds Bank, Bank of Scotland , Halifax and<br />

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

cryptocurrencies.”*Read more*: Bitcoin's back below $9,000The ban will not cover debit<br />

card transactions, but will prevent customers from using credit to speculate on the price of<br />

cryptocurrencies amid fears the bubble may be bursting.The ban comes as holders of<br />

bitcoin and other digital assets continue to suffer steep declines. The US dollar value of<br />

bitcoin alone has fallen by more than 11 per cent in the last 24 hours, according to the<br />

OnchainFX website, while other major cryptocurrencies have also suffered steeper<br />

losses.At the time of writing the price of bitcoin had fallen to $8,154, having been valued at<br />

more than $9,000 only yesterday morning. However, one-year returns for bitcoin<br />

speculators are still above 600 per cent, despite the massive decline from the pre-Christmas<br />

high nearing $20,000 per coin.Lloyds's move follows bans at the weekend from JP Morgan<br />

Chase, Bank of America, and Citigroup.*Read more*: Bitcoin credit card bans introduced by<br />

JP Morgan, Bank of America and Citi

Hooray! Your file is uploaded and ready to be published.

Saved successfully!

Ooh no, something went wrong!