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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, @06:36AM (2 children)

    by FatPhil (863) <reversethis-{if.fdsa} {ta} {tnelyos-cp}> on Monday February 05 2018, @06:36AM (#633163) Homepage
    This I would say is the only issue, and the conclusions you draw I share. They have no business policing my spending. (Not that I have a credit card. Nor would I buy any fiat-without-fiat pseudotulips.)
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  • (Score: 2) by requerdanos on Monday February 05 2018, @03:41PM (1 child)

    by requerdanos (5997) Subscriber Badge on Monday February 05 2018, @03:41PM (#633297) Journal

    Nor would I buy any fiat-without-fiat pseudotulips.

    The "pseudotulip" is a terrific name for a new cryptocurrency. The web site and gui client designs could be inspired by actual historical tulip (and partial tulip bulb share) certificates.

    • (Score: 2) by FatPhil on Monday February 05 2018, @04:50PM

      by FatPhil (863) <reversethis-{if.fdsa} {ta} {tnelyos-cp}> on Monday February 05 2018, @04:50PM (#633322) Homepage
      Feel free to use it! Make sure it's a scam that separates idiots and their money, which is a moral imperative!
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      Great minds discuss ideas; average minds discuss events; small minds discuss people; the smallest discuss themselves