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Lloyds bans bitcoin buying on its credit cards

Lloyds Banking Group bans purchase of bitcoin on its credit cards after price of leading cryptocurrency slumps by a third this year.

 
Lloyds bans bitcoin buying on its credit cards

Lloyds Banking Group (LLOY) has banned the purchase of bitcoin on its credit cards as the price of the world’s leading cryptocurrency has slumped by a third this year.

The group, which includes Halifax, Bank of Scotland, and credit card provider MBNA in addition to Lloyds Bank, has acted amid fears that the bottom has dropped out of the market following 2017’s runaway appreciation.

A spokesperson told the Guardian: ‘Across Lloyds Bank, Bank of Scotland, Halifax and MBNA, we do not accept credit card transactions involving the purchase of cryptocurrencies.’

The price of Bitcoin climbed from $952 (£675) to a December peak of $19,435 last year on a wave of public interest in cryptocurrencies.

That has drawn increased interest from regulatory authorities however, with agencies in US, South Korea, China, Russia and India all expressing unease about cryptocurrencies’ potential use in money laundering and tax evasion.

Apparently indiscriminate public interest has also led to a series of new coin launches which regulators have warned are simply fraudulent.

Facebook last week decided to cease accepting advertising from cryptocurrency operators, due to concerns that they could be used by scammers.

 

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