Three Major Banks in the U.S. disallow Cryptocurrency Transactions via Credit Cards

Three banks in the U.S. have confirm that they will not allow cryptocurrency transactions through credit cards, on February 4, 2018.

Customers hoping to get in to the Bitcoin craze using their credit cards, will not be able to reap the benefits they imagined. This is majorly due to the fact that three major banks in the U.S. have announced that they will strictly disallow cryptocurrency purchases on their credit cards.

The three banks namely, Bank of America, JP Morgan Chase, and Citigroup each confirmed that they were halting transactions involving digital currency with their credit cards, although Bank of America spokesperson said that customers can still use their debit cards for that purpose. Previously, Capital One and Discover stopped consumers to use their cards for cryptocurrency transactions.

According to reports from Bloomberg, digital currencies can be a problem for lenders if customers cannot repay loans, or if stolen cards are used to purchase the untraceable currency. Banks have also found it difficult to monitor cryptocurrencies, which are required to look out for signs of money laundering.

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