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| Lloyds Bank bans Bitcoin purchases on its credit cards | Lloyds Bank bans Bitcoin purchases on its credit cards |
| (about 1 hour 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. |
| Over the weekend, several of the biggest issuers of credit cards in the US also banned customers from using their cards to buy digital currency. | |
| The list of financial firms included Bank of America, Citigroup, JP Morgan, Capital One and Discover. | |
| 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." |
| The BBC asked other major banks about following Lloyds' move, but none had so far responded. The banking trade organisation, the BBA, said it had not released any guidance on the matter. | |
| Bitcoin down | |
| 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 crypto-currency 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. |
| Recent reports from Chinese state media indicate that the Chinese government is seeking to tighten legislation to prevent investors in the country from accessing overseas exchanges to trade in crypto-currencies. | |
| 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 crypto-currencies, 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 crypto-currency products and services. | |
| Do you use Bitcoin or other cryptocurrencies? Have you made or lost money? Please share your story by emailing haveyoursay@bbc.co.uk. | Do you use Bitcoin or other cryptocurrencies? Have you made or lost money? Please share your story by emailing haveyoursay@bbc.co.uk. |
| You can also contact us in the following ways: | You can also contact us in the following ways: |
| Or please use the form below: | Or please use the form below: |