UK Bank Lloyds Bans Buying Cryptos

UK Bank Lloyds Bans Buying Cryptos

Lloyds Banking Group reportedly said on Monday it is banning people from buying cryptocurrencies using credit cards. The announcement follows similar announcements made by a number of US banks like JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc.

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Lloyds Banking Group reportedly said on Monday it is banning people from buying cryptocurrencies using credit cards.

The announcement follows similar announcements made by a number of US banks. JPMorgan Chase & Co, Bank of America Corp. and Citigroup Inc. said they will stop purchases of Bitcoin and other cryptocurrencies on their credit cards. JPMorgan enacted the ban last Saturday with the explanation that the bank wants to avoid the risk associated with the transactions, as their spokeswoman Mary Jane Rogers told Bloomberg Technology.

Now the British bank Lloyds Banking Group is following in their footsteps and banning the trading of cryptocurrencies on their credit cards amid growing concerns that people buying digital currencies might end up in huge debts.

“Across Lloyds Bank, Bank of Scotland, Halifax and MBNA, we do not accept credit card transactions involving the purchase of cryptocurrencies.”, as the company told CNBC in a statement.

Also, the UK Prime Minister Theresa May told Bloomberg in a recent interview that the government should think of looking at cryptocurrencies “very seriously”.

However, the concerns regarding buying cryptocurrencies are not limited to the USA and Europe. Regulators from China and South Korea have announced plans to regulate the space.

It is to be seen what would be the position of other governments and big banks around the world.

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