On Friday, JPMorgan & Bank of America, one of the world’s largest bank, said they were halting the purchase of Crypto currency through Credit Card. The ban would be enacted from Saturday (3rd February 2018).
The reason stated by banks are the high volatility of Crypto currency, can lead to bad credit rating for the banks.
Allowing purchases of cryptocurrencies can create big headaches for card lenders, which can take a turn for worse if a borrower bets wrong and can’t repay. Plus the number of exchanges security flaws, increases the risk of Credit card details being stolen. Banks also are required by regulators to monitor customer transactions for signs of money laundering — which isn’t as easy once dollars are converted into digital coins.
Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity
Did you like the news you just read? Please leave a feedback to help us serve you better
Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.
Today's : Unpacking the Bitcoin Crash and Altcoin Slump The crypto world is in red…
In the fast-paced world of crypto and blockchain, legal battles are heating up. A top…
Web3 Weekly Roundup: , , Precious Metals Boom & Crypto Shifts In the quick-paced world…
Introduction: Finding the in a Tough Market The crypto market has been rough lately. Many…
Why Are Capturing Investor Attention Right Now Blockchain technology is changing how we handle money,…
Introduction: A Week of Diverging Trends in Web3 and Traditional Assets In the fast-moving world…