US & UK Banks Ban Purchasing of Bitcoin Using Credit Cards

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In the United Kingdom and the United States, it is now forbidden to use credit cards for the purcahse of bitcoin and other cryptocurrencies. This measure was taken as a result of fearing a drastic plunge in their value will not allow customers to repay their debts acccordingly.

The largest banks in the US such as JPMorgan Chase, Bank of America and Citigroup, have followed suit, banning the purchasing of cryptocurrency by credit cards. Following the example of large US banking companies, Lloyds Banking Group Plc, the banking group that issues about a quarter of all credit cards in the UK, and Virgin Money (VM.L) have also said they will forbid credit card holders to buy cryptocurrency.

However, many other banks have stated that they will not prohibit customers from using credit cards for this purpose for the time being.