Customers will not be able to purchase bitcoin with their credit cards starting from February 3, Bank of America and JpMorgan Chase reports.
According to JP Morgan report this step is a consequence of concerns
about the credit risk of those who make purchases through their cards. The Bank of America ban is limited to credit cards, and will not impact customers who wish to purchase cryptocurrencies using debit or ATM cards. Like JPMorgan, Bank of America is also concerned with the idea customers can purchase more cryptocurrency than they can afford. Other banks have purportedly moved to increase charges for crypto transactions in recent weeks.
This move coincides with a discussion on the impact of cryptocurrency economy on business among financial companies.
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