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Lloyds Bank bans Bitcoin purchases on its credit cards | Lloyds Bank bans Bitcoin purchases on its credit cards |
(about 2 hours later) | |
Lloyds Banking Group has banned its customers from buying Bitcoin and other crypto-currencies on their credit cards. | Lloyds Banking Group has banned its customers from buying Bitcoin and other crypto-currencies on their credit cards. |
The ban, starting on Monday, applies to Lloyds Bank, Bank of Scotland, Halifax and MBNA customers. | The ban, starting on Monday, applies to Lloyds Bank, Bank of Scotland, Halifax and MBNA customers. |
It will not apply to debit cards, only to the banking group's eight million credit card customers. | It will not apply to debit cards, only to the banking group's eight million credit card customers. |
The move follows a sharp fall in the value of digital currencies, prompting fears about people running up debts. | The move follows a sharp fall in the value of digital currencies, prompting fears about people running up debts. |
Lloyds is concerned it could end up footing the bill for unpaid debts should the price continue to fall. | Lloyds is concerned it could end up footing the bill for unpaid debts should the price continue to fall. |
Explaining the ban, a Lloyds spokeswoman said: "We continually review our products and procedures and this is part of that." | Explaining the ban, a Lloyds spokeswoman said: "We continually review our products and procedures and this is part of that." |
Bitcoin ended last week down 30% at $8,291.87 - its worst week since April 2013 and far below the $19,000 it reached last November. | Bitcoin ended last week down 30% at $8,291.87 - its worst week since April 2013 and far below the $19,000 it reached last November. |
However, the cryptocurrency is still ahead of the $1,000 it was trading at this time last year. | However, the cryptocurrency is still ahead of the $1,000 it was trading at this time last year. |
Police have warned that digital currencies remain popular among criminals as they can use them to evade traditional money laundering checks and other regulations. | Police have warned that digital currencies remain popular among criminals as they can use them to evade traditional money laundering checks and other regulations. |
Prime Minister Theresa May recently said that action against digital currencies may be required "precisely because of the way they are used, particularly by criminals". | Prime Minister Theresa May recently said that action against digital currencies may be required "precisely because of the way they are used, particularly by criminals". |
She told Bloomberg: "In areas like cryptocurrencies, like Bitcoin, we should be looking at these very seriously." | She told Bloomberg: "In areas like cryptocurrencies, like Bitcoin, we should be looking at these very seriously." |
The Treasury said that it intends to update regulation to bring virtual currency platforms into anti-money laundering and counter-terrorist financing regulation. | The Treasury said that it intends to update regulation to bring virtual currency platforms into anti-money laundering and counter-terrorist financing regulation. |
Facebook recently announced it would block any advertising that promotes cryptocurrency products and services. | Facebook recently announced it would block any advertising that promotes cryptocurrency products and services. |
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