Stories
Slash Boxes
Comments

SoylentNews is people

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

Original Submission

 
This discussion has been archived. No new comments can be posted.
Bitcoin Ban Expands Across Credit Cards as Big U.S. Banks Recoil | Log In/Create an Account | Top | 39 comments | Search Discussion
Display Options Threshold/Breakthrough Mark All as Read Mark All as Unread
The Fine Print: The following comments are owned by whoever posted them. We are not responsible for them in any way.

  • (Score: 2) by JoeMerchant on Monday February 05 2018, @03:56PM (1 child)

    by JoeMerchant (3937) on Monday February 05 2018, @03:56PM (#633306)

    Why should banks support a technology that seems destined to undermine many of the most profitable aspects of their own business model?

    The same reason I should be able to shop for competing internet service providers using my a connection provided by my current ISP.

    Allowing me to transfer my money to who I want, when I want, for whatever reason I want is the central concept of bank neutrality - something that has been implicit in banking since long before the internet.

    --
    🌻🌻 [google.com]
    Starting Score:    1  point
    Karma-Bonus Modifier   +1  
    Total Score:   2  

  • (Score: 2) by Immerman on Monday February 05 2018, @04:54PM

    by Immerman (3985) on Monday February 05 2018, @04:54PM (#633326)

    Sure, if you're spending *your* money maybe. But you can't do that with a credit card.

    And what makes you think you'll continue to be allowed to shop for competing ISPs using your current one? Network neutrality has been repealed - ISPs are allowed to censor or throttle your internet access however they please. (unless you live in one of the states that are choosing to flaunt the federal ban on states passing their own NN laws)