{"id":4128,"date":"2018-02-05T11:34:11","date_gmt":"2018-02-05T11:34:11","guid":{"rendered":"https:\/\/peoplecert.wpengine.com\/getbusy\/?p=4128\/"},"modified":"2018-02-05T11:34:56","modified_gmt":"2018-02-05T11:34:56","slug":"banks","status":"publish","type":"post","link":"https:\/\/www.hepis.gr\/getbusy\/en\/2018\/02\/05\/banks\/","title":{"rendered":"Several major banks are banning customers from buying crypto on credit"},"content":{"rendered":"

Purchasing cryptocurrencies with a credit card is about to get significantly harder. Earlier today, the UK\u2019s Lloyds Banking Group announced that it would prevent customers from purchasing cryptocurrencies with its credit cards.<\/p>\n

 <\/p>\n

Lloyds Banking Group is easily of the largest retail banks in the UK, and dominates a massive swathe of Britain\u2019s retail banking market. In addition to the eponymous Lloyds Bank, it also owns Halifax, Bank of Scotland, and MBNA.<\/p>\n

<\/div>\n

The ban solely relates to credit card transactions. Crypto purchases with Lloyds-issued debit cards should continue to work as normal.<\/p>\n

 <\/p>\n

In\u00a0a statement to The Guardian<\/a>, Lloyds Banking Group said: \u201cAcross Lloyds Bank, Bank of Scotland, Halifax and MBNA, we do not accept credit card transactions involving the purchase of cryptocurrencies.\u201d<\/p>\n

 <\/p>\n

Cryptocurrencies are unregulated, and the market for them is volatile and fundamentally speculative in nature. Over the past month, several major cryptocurrencies experienced major plunges in price.<\/p>\n

 <\/p>\n

This is especially true for\u00a0Bitcoin<\/a>. On December 17, the hugely popular cryptocurrency was worth nearly $20,000. According to CoinMarketCap, it\u2019s today worth about $8,000.<\/p>\n

 <\/p>\n

The company fears that it the price of the cryptocurrency continues its downwards trajectory, customers will be burdened with massive levels of debt.<\/p>\n

 <\/p>\n

In practical terms, banning crypto purchases could ultimately spare Lloyds a few headaches. It seems within the realms of possibility that somebody will accumulate massive losses after a failed crypto investment, and then try to issue a chargeback in order recoup their money.<\/p>\n

 <\/p>\n

The news follows several US banks \u2014 namely JPMorgan Chase, Bank of America, Capital One, Discover, and CitiGroup \u2014 announcing their own similar bans.<\/p>\n

 <\/p>\n

On Friday, Bank of America\u00a0sent a memo to staff<\/a>\u00a0stating it will \u201cwill begin declining credit card transactions with known cryptocurrency exchanges.\u201d<\/p>\n

 <\/p>\n

On the same day, Citigroup issued a statement saying \u201cWe have made the decision to no longer permit credit card purchases of cryptocurrency. We will continue to review our policy as this market evolves.\u201d<\/p>\n

 <\/p>\n

JP Morgan Chase was previously reticent to wade into this issue. However,\u00a0in a CNBC interview<\/a>, a spokesperson said the company would no longer process \u201ccryptocurrency purchases using credit cards\u201d due to risk and market volatility. The company promised to \u201creview the issue as the market evolves.\u201d<\/p>\n

 <\/p>\n

Capital One banned customers from purchasing crypto on credit cards\u00a0on January 12<\/a>, while\u00a0Discover\u2019s ban came into effect on January 27<\/a>.<\/p>\n

 <\/p>\n

Discover\u2019s CEO, David Nelms, is a vocal critic of cryptocurrencies\u00a0having reportedly described<\/a>\u00a0crypto users as \u201ccrooks\u2026 trying to get money out of China or wherever.\u201d<\/p>\n

 <\/p>\n

It seems a question of \u201cwhen\u201d and not \u201cif\u201d other legacy financial institutions follow suit. As crypto becomes more inconvenient to purchase, it\u2019ll be interesting to see how the market reacts, and if this contributes to the downward pressure on Bitcoin\u2019s price.<\/p>\n

 <\/p>\n

Source: thenextweb.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Purchasing cryptocurrencies with a credit card is about to get significantly harder. Earlier today, the UK\u2019s Lloyds Banking Group announced that it would prevent customers from purchasing cryptocurrencies with its credit cards.<\/p>\n","protected":false},"author":2,"featured_media":4130,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_newsletter_tier_id":0,"footnotes":"","jetpack_publicize_message":"Several major banks are banning customers from buying crypto on credit","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[33],"tags":[],"class_list":["post-4128","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-misc-en"],"jetpack_publicize_connections":[],"yoast_head":"\nSeveral major banks are banning customers from buying crypto on credit - GetBusy<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.hepis.gr\/getbusy\/en\/2018\/02\/05\/banks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Several major banks are banning customers from buying crypto on credit - GetBusy\" \/>\n<meta property=\"og:description\" content=\"Purchasing cryptocurrencies with a credit card is about to get significantly harder. 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