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05-Feb-2018<br />

Lloyds bans bitcoin buying on its credit cards<br />

Citywire<br />

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Lloyds Banking Group ( LLOY ) has banned the purchase of bitcoin on its credit cards as<br />

the price of the world’s leading cryptocurrency has slumped by a third this year.<br />

The group, which includes Halifax, Bank of Scotland, and credit card provider MBNA in<br />

addition to Lloyds Bank, has acted amid fears that the bottom has dropped out of the market<br />

following 2017’s runaway appreciation.<br />

A spokesperson told the Guardian : ‘Across Lloyds Bank, Bank of Scotland, Halifax and<br />

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

cryptocurrencies.’<br />

The price of Bitcoin climbed from $952 (£675) to a December peak of $19,435 last year on a<br />

wave of public interest in cryptocurrencies.<br />

That has drawn increased interest from regulatory authorities however, with agencies in US,<br />

South Korea, China, Russia and India all expressing unease about cryptocurrencies’<br />

potential use in money laundering and tax evasion.<br />

Apparently indiscriminate public interest has also led to a series of new coin launches which<br />

regulators have warned are simply fraudulent.<br />

Facebook last week decided to cease accepting advertising from cryptocurrency operators,<br />

due to concerns that they could be used by scammers.

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