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

msallen

Paul_Herring wrote: »

Think it won't happen?

It definitely won't happen (with the possible exception of it takes you overdrawn). They have no interest in stopping you speculating with your own money, only with theirs.

PeacefulWaters

Paul_Herring wrote: »

Until they start using the same reasons to ban buying specific things on debit cards.

Think it won't happen?

If they can make money on it, without breaching law or external regulation, they'll carry on doing it.

Loans and remortgages for capital "investment" have long been outside criteria for most banks. Because they know the risk of default increases.

Credit card use for Bitcoin purchase is very much in line with a personal loan to buy shares. But they don't allow the latter.

boatman

If other banks follow, its a way to block the rise of cryptocurrencies. Its not in their interest to allow them as it will lead to the fall of banks as we know them, they def don't want that!

SnowTiger

boatman wrote: »

If other banks follow, its a way to block the rise of cryptocurrencies. Its not in their interest to allow them as it will lead to the fall of banks as we know them, they def don't want that!

There may be an element of truth in that.

The Royal Mint is launching its own offering, based on blockchain technology and backed by gold.

Once-upon-a-time the Internet was awash with film, TV and music content that could be obtained illegally. That's largely gone legit now.

However, banks are wise to limit their losses.

Many threads have been started here by people who have lost money taking part in binary gambling, usually asking for a loophole they can use to get their losses back.

And there's also been many threads here accusing banks of irresponsible lending and asking why did my bank let me do this?

Kim_13

Capital One also doesn't allow it, according to this article: http://uk.businessinsider.com/bitcoin-ethereum-ripple-price-buying-cryptocurrencies-uk-banks-2018-2/

adindas

jonesMUFCforever wrote: »

IMO a great move.
No spurious S75 claims for Bitcoin when you lost money - *(no mention if you made a profit LOL).

Indeed it is a Brilliant move.
There is already a few spurious cases reported here where people start blaming the bank for not stopping them buying bitcoin using creditcard because they have lost in the speculation.

Supposed they won are they going to blame the bank for letting them using creditcard ??

Banks are within their right to protect their money but nothing to stop people to speculate / gamble using their own money from balance on their current account.

No_6

The banks money is not all theirs, it's mine as well,
as they are using it for ME.

So don't mind this.

chattychappy

hollie.weimeraner wrote: »

Well it's potentially hit plenty of people already as it has lost half it's value from it's highs of £14,000 a few weeks ago.

Unless you were "short" !

jonesMUFCforever

No_6 wrote: »

The banks money is not all theirs, it's mine as well,
as they are using it for ME.

So don't mind this.

You are half right.
Your money is your money and you can do anything legally with it using your debit card or bank transfer.
The bank's money is theirs and using a credit card means using their money - so they can impose their rules.