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05-Feb-2018<br />

Lloyds Bank bans Bitcoin purchases on its credit cards - BBC News<br />

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5/2/2018 Lloyds Bank bans Bitcoin purchases on its credit cards Lloyds Banking Group has<br />

banned its customers from buying Bitcoin and other crypto-currencies on their credit cards.<br />

The ban, starting on Monday, applies to Lloyds Bank, Bank of Scotland, Halifax and MBNA<br />

customers. It will not apply to debit cards, only to the banking group's eight million credit<br />

card customers. The move follows a sharp fall in the value of digital currencies, prompting<br />

fears about people running up debts. Lloyds is concerned it could end up footing the bill for<br />

unpaid debts should the price continue to fall. What is Bitcoin? What's the fuss about<br />

Bitcoin? From high school dropout to Bitcoin millionaire Explaining the ban, a Lloyds<br />

spokeswoman said: "We continually review our products and procedures and this is part of<br />

that." Bitcoin ended last week down 30% at $8,291.87 - its worst week since April 2013 and<br />

far below the $19,000 it reached last November. However, the cryptocurrency is still ahead<br />

of the $1,000 it was trading at this time last year. Police have warned that digital currencies<br />

remain popular among criminals as they can use them to evade traditional money<br />

laundering checks and other regulations. Prime Minister Theresa May recently said that<br />

action against digital currencies may be required "precisely because of the way they are<br />

used, particularly by criminals". She told Bloomberg: "In areas like cryptocurrencies, like<br />

Bitcoin, we should be looking at these very seriously." The Treasury said that it intends to<br />

update regulation to bring virtual currency platforms into anti-money laundering and counterterrorist<br />

financing regulation. Facebook recently announced it would block any advertising<br />

that promotes cryptocurrency products and services.

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