Some banks in the United States have declared that they are going to halt the purchase of cryptocurrencies using their credit cards. This policy will apply to both personal as well as business credit cards. According to some of the companies, the reason for this change is that they do not want to support something as risky as a cryptocurrency. The banks are afraid of losing money because of the quick variations in the price of cryptocurrencies. Though the customers can still purchase cryptocurrency through the use of debit cards as the amount will be instantly deducted from their account.
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A British company that provides financial services in the United Kingdom called Lloyds Banking Group has also stopped the purchasing of cryptocurrency using credit cards. It is said that this change will affect about 8 million clients.
The cryptocurrency market has not been performing very good recently and we have been looking at it crash since the last couple of weeks. We will just have to see whether this news will further affect the cryptocurrency market or not.