No Bitcoin for card users

Kajetan Maćkowiak
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J.P. Morgan Chase, Bank of America and Citigroup banned using credit cards to buy cryptocurrencies as CNBC reported.

Earlier, Bank of America and Citibank was reviewing the use of credit cards to buy cryptocurrencies, now it is granted.

Banks vs Cryptocurrencies

“At this time, we are not processing cryptocurrency purchases using credit cards, due to the volatility and risk involved. We will review the issue as the market evolves.” – J.P. Morgan Chase spokesperson said to CNBC.

As we could assumed, banks in the USA will fight with cryptocurrencies. A few months ago, the Ceo of J.P. Morgan Chase said to CoinTelegraph, that Bitcoin is a “fraud” and will fire every employee who will invest in cryptocurrencies.

All the major banks in America was reviewing their policy to cryptocurrencies in last month.

First was the Citibank which stated:

“We have made the decision to no longer permit credit card purchases of cryptocurrency. We will continue to review our policy as this market evolves.”

Then Bank of America and J.P. Morgan Chase which took advantage of last week Bitcoin price fall, to ban using their credit cards to buy cryptocurrencies.

Next step

First banks were warning about cryptocurrencies and compare them to “tulip mania” or “dot-com mania.” When they did not scare off investors, they wanted to block the possibility of buying cryptocurrencies by their cards. Most of the explanations are based on money laundering or investing risk. But are this a real reasons?

 

Tell us what is the real reason behind banning, here in the comment section below or via Facebook.

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