Lloyds Banking Group has banned credit card customers from buying Bitcoin amid fears they could be left in debt as the cryptocurrency’s value deflates.
The banking giant, which includes Halifax, MBNA and Bank of Scotland, is thought to be the first in the UK to ban credit card customers from borrowing to buy the digital currency, which has more than halved in value in recent months.
Bitcoin’s slide has led to concerns that people who borrow money to purchase it will be left with large debts if the virtual currency continues to depreciate.
Significant numbers of people in Britain are thought to have bought Bitcoin as it surged in value, peaking at nearly 20,000 US dollars (£14,465) in December.
By Ryan Wilkinson
Full story at Yahoo News.
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