As people are getting more and more curious about how they can buy bitcoin with credit card, banks are trying to eliminate the credit risk that is part and parcel of a volatile digital currency. Three major banks in the United States have confirmed that they will no longer let their customers buy digital currencies with credit cards. The UK’s Lloyds Bank has also confirmed that its customers won’t be able to buy bitcoin with credit card as well.
Lloyds Bank, the biggest bank in the United Kingdom, is the first financial institution in the country to announce that its customers will not be able to buy bitcoin with credit card. It will now block any attempts made by its nine million credit card customers to buy digital currencies.
The objective here is the same, to reduce credit risk. It’s difficult to argue with this logic given that bitcoin has lost more than half of its value in under two months. It was trading at a record high of $20,000 in December and is currently hovering around $7,500.
The credit card customers of Lloyds Banking Group also include customers of the Bank of Scotland, Halifax, and MBNA. They will all be blocked from buying digital currencies. Customers are free to purchase digital currencies using their debit cards because then the bank’s not on the hook if they suffer huge losses. It wouldn’t have lent them that money.
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