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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: 0) by Anonymous Coward on Monday February 05 2018, @12:59PM (1 child)

    by Anonymous Coward on Monday February 05 2018, @12:59PM (#633261)

    Back then Bitcoin was a viable payment option. While not necessarily accepted at as many places as it was, say, 6 months ago, when you made a transaction, it went through quickly. And, at that time, it was being touted as a currency that had 0 transaction fees. Try putting through a transaction on the blockchain now with no fee paid and see what "never going through" looks like.

    Lightning may restore viability in the form of off-blockchain payments, but right now, without SOMETHING to restore it's status as a payment system, bitcoin is dead in the water. Nobody, certainly not homeless people, needs it.

  • (Score: 2) by requerdanos on Monday February 05 2018, @03:37PM

    by requerdanos (5997) on Monday February 05 2018, @03:37PM (#633296) Journal

    Nobody, certainly not homeless people, needs it.

    That's a dead tie for the dumbest thing I ever heard, no offense intended.

    What's more, anyone who no longer needs their cryptocurrency balance is cheerfully encouraged to transfer it to me; I will deal with the hassles and problems for you. You can convert to Litecoin and send to Litecoin: LeqjwaBNTHjH3NyVXkGmSBL4eerDLKaBv1 [litecoin] or email me at requerdanos at freworld dot removethis info if you need an address in your cryptocurrency of choice (such as bitcoin).

    Those cryptocurrency speculation problems will be long gone, along with your money. I am here to help.