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.

You may be interested

Business

Hearing Aid Market Segmented by Type, Market Demand Industry Growth, Trends and Forecasts 2018 to 2023

Albert R - December 11, 2018

Worldwide Market Reports recently released "Hearing Aid Market Report 2017 to 2023". Most recent market Value and Sales Price in the Hearing Aid Market report classifies the…

Business

Hair drier 2018 – 2023 Future Demand Analysis, Industry sizes, competition, Market overviews

Albert R - December 11, 2018

Worldwide Market Reports recently released "Hair drier Market Report 2017 to 2023". Most recent market Value and Sales Price in the Hair drier Market report classifies the…

Business

Water Purifier Filter Market 2018 – 2023 Research Analysis Report, Application, Top regions, Share, Growth, Revenue.

Albert R - December 11, 2018

Worldwide Market Reports recently released "Water Purifier Filter Market Report 2017 to 2023". Most recent market Value and Sales Price in the Water Purifier Filter Market report…

Most from this category