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 bans Bitcoin purchases on its credit cards<br />

Punchline (Online)<br />

Click to open<br />

Lloyds has banned its customers from buying Bitcoin and other crypto-currencies on their<br />

credit cards.<br />

A Lloyds Banking Group spokesperson said: "Across Lloyds Bank, Bank of Scotland, Halifax<br />

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

cryptocurrencies."<br />

The ban, which doesn't apply to debit cards, started today. It follows a sharp fall in the value<br />

of digital currencies, prompting fears about the bank's eight million credit card customers<br />

running up debts. Lloyds is concerned it could end up footing the bill for unpaid debts if the<br />

price continues to drop.<br />

Bitcoin ended last week down 30 per cent at £5,871 - its worst week since April 2013 and<br />

way below the £13,4534 it reached last November. However, the cryptocurrency is still well<br />

ahead of the £708 it was trading at this time last year.<br />

Police have warned that digital currencies remain popular among criminals, as they can use<br />

them to evade traditional money laundering checks and other regulations.<br />

The Treasury said that it intends to update regulation to bring virtual currency platforms into<br />

anti-money laundering and counter-terrorist financing regulation.<br />

What do you think? Email mark@moosemarketingandpr.co.uk

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

Saved successfully!

Ooh no, something went wrong!