Today, Lloyds Banking Group in United Kingdom, has banned the use of its Credit Cards for the purchase of cryptocurrencies. Its credit cards include cards of Lloyds Bank, Bank of Scotland, Halifax and MBNA.
The bank has joined other banks like Virgin Money, Citigroup, Bank of America and JPMorgan Chase.
According to CNNMoney, Lloyds banking Group says the bank is trying to “protect its customers.”
The rapid rise and fall of the price of crytocurrencies has ignited fears that customers could go into deep debt if they used their credit cards to speculate on them.
Bitcoin, for instance is currently trading at less than $8000 from a high of $20,000 in December 2017.
In a related issue, last week, Facebook created a new policy to prohibit ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency.