The nightmare of digital currency is really coming. It is reported that the three major US banks have clearly stated that they are forbidden to use their own credit cards to purchase digital currency transactions. There is a huge risk in using credit cards to purchase digital currency. At the same time, digital currency fell for the first time at the threshold of $8,000.
According to foreign media reports, it seems that more and more US credit card issuers have decided to withdraw from the digital currency trading market. A few days ago, JPMorgan Chase, Citibank and Bank of America announced that they would ban customers from using their own credit cards to purchase digital currency.
Among them, JPMorgan spokesperson Mary Jane Rogers said the company decided to impose restrictions on the purchase of digital currency, mainly because we did not want to bear the risks associated with it.
Bank of America actually started the ban last Friday, when the bank rejected all credit card transaction requests related to known digital currencies, including personal and corporate accounts. But the bank's spokesman, Betty Riess, also pointed out that "debit cards are not currently in the scope of this ban."
Also last weekend, Citibank announced that it would ban all credit card-related transactions on its credit card. The bank spokesman Jennifer Bombardier said: "Citi will continue to evaluate this policy based on market development."
Indeed, for credit card issuers and banks, there is a huge risk of allowing the use of credit cards to purchase digital currency. Because there are always people who are willing to take great risks to make "gambling" purchases, although they simply do not have the ability to repay, in addition, thieves can also use stolen credit cards to buy digital currency, and banks are likely to not receive the money. .
So as governments have tightened their regulation of bitcoin over the past few months, the price of the world's largest cryptocurrency has fallen nearly 60% in two months. According to data from the Bitcoin trading platform Coinbase, as of last weekend, bitcoin prices have fallen below $8,000, a 56% drop from the historical high of $19,450 in December last year. It is also the digital currency since last November. For the first time since the fall of the $ 8,000 mark.
Alfred Kelly, president of credit card issuer Visa, made it clear last month that although Bitcoin can be used within a limited range, it is not a real currency and the company will not deal with Bitcoin-related transaction. At the same time, Capital One Financial and another US credit card giant, Discover Financial Services, have previously said they do not support similar digital currency transactions.
David Nelms, CEO of Discover, dismissed the cryptocurrency transaction in an interview last month, noting that corporate policies may change based on customer needs.
Now, as major banks and financial institutions impose stricter trading controls on digital currencies, digital currency investors will find it harder to start trading. Credit card issuer MasterCard disclosed last week that its overseas cross-border transaction volume has increased by 22% this year, partly because customers use credit cards to purchase digital currency. And with the decline in digital currency prices, this trend has begun to slow down.
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