A series of big US banks banned the use of credit cards to buy cryptocurrency

A series of big US banks

Bank of America

Citibank, Bank of America, JP Morgan, 3 of the 4 largest retail banks of the US (except Wells Fargo) has said it will ban the cryptocurrency purchases with a credit card issued by them. 

Credit cards are the cards that the bank would advance funds to users of payment should the ban is totally understandable. Especially when virtual money down prices, customers lose solvency, the bank fully may lose money or turn into bad debts doubtful.

US banks banned the use of credit cards to buy cryptocurrency

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Moreover, credit cards often make customers spend more than the amount they can afford to pay, a lot of customers use credit cards to buy virtual money than they have the ability to pay. 

In addition, the crooks or criminals can fully use the credit card to steal to pay for the purchase of cryptocurrency. But these transactions are often not identified, and the probability of a bank to recover money closer zero.

Of course not only the banks that the credit institution like Capital One Financial or Discover also forbidden to buy virtual money with their credit card. Likely in the future, Visa and Master also prohibited.

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If you have the cash, money in the account or debit card, or cash owned by you really still can buy normal.

 

 

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