According to FORBS an American business magazine. Published weekly, it features original articles on finance, industry, investing, and marketing topics, number of banks in USA are not allowing their customers to use their credit cards to buy cryptocurrencies. Bank of America, Citigroup, JP Morgan, Capital One and Discover banned their customers from purchasing cryptocurrencies. Back in January 2018, Visa ended its relationship with a renowned Cryptocurrency currency card provider and thousands of people suffered as a result of that. In the U.K., the first announcement came from the Lloyds banking group. The ban expands to MBNA, Halifax, Bank of Scotland customers.
Banks have been against the concept of the Cryptocurrency and only now they are catching up with the concept of the blockchain technology, which brought by bitcoin on everyone’s radar, and the excuse behind the ban was the higher volatility and money laundering of Cryptocurrency, particularly Bitcoin.
But here is a big question: Should these banks be allowed to control one’s transaction to play down the concept of cryptocurrencies when they already have approved their accounts?