If you’re a customer of Bank of America, JP Morgan Chase or Citigroup, you can’t use your credit card to purchase cryptocurrency.
Bloomberg is reporting that the banks have now banned the purchasing of cryptocurrency using their credit cards, Bank of America already denying use of their cards for crypto purchases on certain exchanges, while debit card transactions seem to still be fine.
Citigroup has said that as of Friday last week, they won’t be accepting crypto purchases, and JP Morgan Chase’s new rules come into effect today. The reason? JP Morgan spokesperson Mary Jane Rogers said that the bank doesn’t want to deal with the risks associated with cryptocurrency, and they’re saying they’re trying to stop the risks of consumers’ spending more than they can afford to pay back on cryptocurrencies, through their credit cards.
I think we just need to find a way, you can’t get the ghost back into it’s bottle and cryptocurrencies are here to stay – Banks need to accept that and the should find a way to deal with it instead of rejecting it’s possibilities.
Banks ban credit purchase of cryptocurrency due to risks (engadget.com)
Update about credit card fees (reddit.com/r/CoinBase)