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U.K. banks join American ones in banning buying bitcoins with credit cards

U.K. banks join American ones in banning buying bitcoins with credit cards
[Photo: alexialex/iStock]

That Visa or MasterCard credit card is now useless if you’re going to buy cryptocurrencies, reports Reuters. On Sunday the U.K.’s biggest lender, Lloyds Bank, said it would join U.S. banks, including JP Morgan Chase and Citigroup, in banning the purchase of bitcoins with credit cards. Concerns have been on the rise from credit card providers that people are increasingly using credit to buy large sums of volatile cryptocurrencies. If the digital currencies plunge in value–as has happened to bitcoin since the beginning of the year–credit card users could see themselves stuck with huge piles of debt that potentially can’t be paid back. However, not all plastic is banned. The banks are fine with people using their debit cards to buy cryptocurrencies–after all, that’s your money, not the banks’.

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