Lloyds Banking Group the largest bank in the U.K and one of the largest in the world has ban buying cryptocurrency with their credit cards. Lloyds is following in the footsteps of J.P. Morgan Chase, Bank of America, and Citigroup’s decision to put a ban on credit card purchases of cryptocurrency only a few days ago.
Lloyds and all its subsidiaries have a collective 9 million credit cards issued to customers, all 9 million will be ban for purchasing cryptocurrency with their card.
This is a direct response to bitcoins recent decline in price, Lloyds says the ban will “protect customers” from building up credit debt from unsafe investments.
As mentioned in a previous post this is just plain out bad for the cryptocurrency community. The largest banks are starting to turn on cryptocurrency not support it. This reduces the number of potential cryptocurrency buyers and adopters, there are few to no other options when buying cryptocurrency other than a credit card. Lloyds alone has just taken out 10 million potential cryptocurrency buyers. This is also bad press, Lloyds said cryptocurrency is a bad investment and risky that's why they put a ban on buying it. When a bank says something like that a lot of people takes the banks side and will not come anywhere near cryptocurrency.
Cryptocurrency is a gable no matter what, nothing is guaranteed. More risk more potential earnings. Don't buy something you know you can't afford to lose, I somewhat agree with these recent bans. You should not be using credit to buy crypto you should be using debit, or in other words money, you already have.
