Just a few days after the US banks made purchase of cryptocurrencies slightly harder for their users, U.K. banking giants, do the same.
US Bank = UK Bank
According to BBC report, Lloyds Banking Group (Lloyds Bank, Halifax, MBNA and Bank of Scotland) blocked possibility of purchasing cryptocurrencies by their credit cards.
As we wrote earlier, J.P. Morgan Chase, Bank of America and Citigroup, used Bitcoin price to block the process of buying cryptocurrencies. They are interested in securing investors from the risk associated with Bitcoin.
Lloyd’s decision looks just alike. They concern that their credit card users might buy cryptocurrencies and when a price drops, they fail to pay the debit balance.
Lloyds Group decision
Most of the stockbrokers do not allow to buy shares by credit cards. Investing not your money is not a smart move. But it is stockbrokers decisions, banks do not interfere with stocks. The same thing goes with gambling, you can use a credit card to play in the casino. And when it comes to cryptocurrencies, they see risk more significant than in gambling. We all know that using a debit card is, in fact, using banks money, so they can decide what can you do or not. It is their risk if you can not afford to pay them back. Using risk in cryptocurrencies as an explain, instead allowing even bigger risk in gambling, for me it is just looking for an excuse.
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Last modified: February 6, 2018
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