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MSE News: Lloyds bans Bitcoin purchases on its...

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in Credit cards
Lloyds Banking Group has banned customers from buying Bitcoin and other cryptocurrencies on its credit cards because of fears they could be left in debt as the value falls...
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'Lloyds bans Bitcoin purchases on its credit cards'

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'Lloyds bans Bitcoin purchases on its credit cards'

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- barring customers from buying tobacco or alcohol, because of health concerns.
- barring customers from buying petrol or diesel, because of climate change.
- barring customers from buying ski holidays, because they might end up in hospital.
This is simply needless intrusion into people's private finances, and the start of a very slippery slope unless it's clamped down on now.
-o I am humble -o You are attention seeking -o She is Nadine Dorries
No spurious S75 claims for Bitcoin when you lost money - *(no mention if you made a profit LOL).
Things like cash, cash equivalents and gambling are already banned from most credit cards (or limited to cash advances). Since buying Bitcoin is really all three, this just seems to be enforcement of existing terms...
Or maybe they're bringing credit cards into line with their personal loan products on this issue.
There were plenty of people predicting there would be a cliff fall.
You can't blame the banks for trying to protect themselves, I'm sure if they didn't there would be those shouting for heads to roll if they left themselves open to massive claims.
Until they start using the same reasons to ban buying specific things on debit cards.
Think it won't happen?
-o I am humble -o You are attention seeking -o She is Nadine Dorries