Lloyds Bank bans Bitcoin purchases

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Lloyds Banking Group has banned its customers from buying Bitcoin for their credit cards after a sharp decline in the value of the digital currency.

The ban, effective Monday, applies to Lloyds Bank, Bank of Scotland, Halifax and MBNA customers.

It does not apply to debit cards, the only for the banking group’s eight million credit card customers.

Lloyds fears the people will buy Bitcoins to make a profit if its value increases, but make demands, and if it falls.

It is concerned, it could in the end actually, the bill for unpaid debts should the price continue to fall.

Explain the ban, a Lloyds spokeswoman said: “We constantly review our products and procedures-and this is a part of it.”
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Bitcoin last week by 30% to $8,291.87 – its worst week since April 2013 and far below the $19,000 he reached last November.

However, the crypto money before the $1,000-it was trading this time last year.

Police have warned that digital currencies remain popular with criminals, which you can use to get rid of them, traditional money-laundering checks and other regulations.

Prime Minister Theresa May recently said that the action against digital currencies can be used be necessary, “precisely because of the way they, in particular, of criminal”.

She told Bloomberg: “In areas such as cryptocurrencies, such as Bitcoin, should we take these very seriously.”

The Ministry of Finance said that the update it wants to bring regulation to virtual currency platforms in the anti-money laundering and the financing of terrorism regulation.

Facebook has recently announced that it would block the advertising that supports the crypto-money products and services.