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Bitcoin Ban Expands Across Credit Cards as Big U.S. Banks Recoil

posted by Fnord666 on Sunday February 04 2018, @10:34PM   Printer-friendly
from the too-much-risk dept.

MrPlow writes:

Submitted via IRC for TheMightyBuzzard

A growing number of big U.S. credit-card issuers are deciding they don't want to finance a falling knife.

JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc. said they're halting purchases of Bitcoin and other cryptocurrencies on their credit cards. JPMorgan, enacting the ban Saturday, doesn't want the credit risk associated with the transactions, company spokeswoman Mary Jane Rogers said.

Bank of America started declining credit card transactions with known crypto exchanges on Friday. The policy applies to all personal and business credit cards, according to a memo. It doesn't affect debit cards, said company spokeswoman Betty Riess.

And late Friday, Citigroup said it too will halt purchases of cryptocurrencies on its credit cards. "We will continue to review our policy as this market evolves," company spokeswoman Jennifer Bombardier said.

Source: https://www.bloomberg.com/news/articles/2018-02-02/bofa-to-decline-all-cryptocurrency-transactions-on-credit-cards

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  • (Score: 2) by FatPhil on Monday February 05 2018, @06:31AM (1 child)

    by FatPhil (863) <reversethis-{if.fdsa} {ta} {tnelyos-cp}> on Monday February 05 2018, @06:31AM (#633161) Homepage
    That makes no sense at all.

    A milli-bitcoin only costs $8, where's the harm in that.
    But a kilo-Peercoin will set you back a whopping $5000, so clearly a debt risk it its value implodes.
    --
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  • (Score: 2) by requerdanos on Monday February 05 2018, @03:45PM

    by requerdanos (5997) Subscriber Badge on Monday February 05 2018, @03:45PM (#633301) Journal

    JoeMerchant: There's no difference buying 25 million coins worth 0.0004 and have them rise to 0.0005 as compared to buying 1.25 BTC at 8000 and having it rise to 10,000.

    FatPhil: A milli-bitcoin only costs $8 [but] a kilo-Peercoin will set you back a whopping $5000

    Thanks to you both for some good perspective. I stand corrected.

    I like discussion forums where intelligent people hang out (few though they may be)--it's nice to be wrong once in a while and still benefit from the process.