Banks of the USA and Great Britain introduce a ban on the purchase of cryptocurrency from credit cards
The largest banks in the United States: Bank of America, Citigroup and JPMorgan will no longer allow customers to use credit cards to buy cryptocurrency. They explain the introduction of this constraint by the too high volatility of the cryptocurrency market and the risks associated with this – customers can simply lose all their money and they will have nothing to replenish the credit card.
“We were forced to refuse to carry out operations for buying cryptocurrency by our customers, as the volatility is too high, and the associated risks are huge. In the course of market development and in the event of increasing stability, we will reconsider our decision, “said the manager of JPMorgan.
The innovation will affect credit accounts not only of private but also legal entities, this has already been announced by the Bank of America.
A little later, the decision of American banks was considered very reasonable by one of the largest banks in Britain – Lloyds, he also introduced this restriction in relation to the credit accounts of his clients. The bank will create the complete list of organizations selling crypto-currencies, to whose addresses transactions will not be executed.
Lloyds, referring to the reasons for the ban, also refers to too high risks for themselves and an increase in the cases of non-return of borrowed funds after the purchase of crypto-currencies, which are undoubtedly related to the high volatility of the market.