The British Lloyds Bank has announced a ban on s 9 million credit card customers credit cards to buy Bitcoin (TIKER: BTC.EXANTE) amid fears they could run up huge losses, the BBC reports.
The move follows a sharp fall in the value of digital currencies, prompting fears about people running up debts.
"We continually review our products and procedures and this is part of that," a Lloyds spokeswoman said.
The move will impact customers of Lloyds Bank, Halifax, Bank of Scotland, and credit card firm MBNA, all of whom come under the Lloyds umbrella.
Most major U.S. credit card issuers have also banned the use of their cards to buy Bitcoin or other digital currencies, in a move intended to decrease both financial and legal risk, according to Bloomberg.
JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc. said they’re halting purchases of Bitcoin and other cryptocurrencies on their credit cards.