UK Banks Join Bitcoin Purchase Ban

Following a downfall of 10% in its value last week, the crypto-currency will no longer be buyable with several banks’ credit cards.

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Virgin Money and Lloyd’s Banking Group are among the banks to ban the purchase of Bitcoins on their credit cards. 

The banks fear that people could rack up an unpayable debt by investing in Bitcoin as the value of the virtual currency continues to depreciate. 

From December 2017 until last week Bitcoin’s value has dropped from its peak at $20,000 (£14,300) to about £7,297 (£5,220) 

A number of credit card issuers in the US have also banned their customers from buying it, as international regulators call for tougher restrictions. 

The ban would only apply to credit, not debit cards, a spokesman for Virgin said. 

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