THELOGICALINDIAN - As prices tumble and the markets accomplish a huge alteration from their fasten in aboriginal January the banks are battening bottomward their hatches Leading UK coffer Lloyds abutting its counterparts in the US by banning the acquirement of Bitcoin and added cryptocurrencies for its barter application acclaim cards
Credit agenda issuers abhorrence that bodies will abatement into debts that they will accept to accept if they buy crypto and the prices abide to fall. Bitcoin has taken a battering this year, falling over 50% from $17,000 in aboriginal January to about $8,000 today.
Lloyds Banking Group will accomplish the advertisement to its 9 actor acclaim agenda barter today. According to reports, the coffer will block any attempts to buy cryptocurrencies application acclaim cards. However, debit cards are still accepted. In an email, a aggregation agent said:
The cyberbanking behemothic is the aboriginal in the UK to catch bottomward on its customer’s acclaim cards and purchasing power. This could added aggravate the abatement in prices as it has aloof become a little harder to buy crypto. The banks, not absent to accounts a falling knife, are already anti-crypto as decentralized money goes adjoin their business model.
The move follows a beachcomber of adjustment beyond the apple from governments which appetite to anticipate agenda currencies actuality acclimated for bent activities. Contrary to a cardinal of ambiguous letters in the boilerplate media, there has been no ban on trading or exchanges in India or South Korea.
Across the pond, banks are following suit. Three above US banks are demography a agnate attitude with announcements aftermost week. JPMorgan Chase & Co., Bank of America Corp., and Citigroup Inc. accept all declared that they will no best acquiesce crypto to be purchased with a acclaim card.
Using a acclaim agenda carries a abundant college risk, and the banks are authoritative efforts to abate this by banishment their barter to use their own money to acquirement basic currencies. Banks are additionally anxious that barter will be spending added than they can absolutely afford, which is far easier back it is not their money!
Is preventing acclaim agenda use for affairs crypto a acceptable thing? Let us apperceive in the comments below.
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