Lloyds Banking Group, a major financial services group in the UK, has banned its customers from using credit cards to buy bitcoin, according to The Telegraph.

The ban comes at a time when the price of bitcoin has more than halved since it hit near $20,000 levels in December 2017. BTC/USD is currently trading at 7800 levels, with scope for more downside.

Lloyds, which includes Halifax, Bank of Scotland and MBNA, will prohibit its 9 million credit card customers in their attempt to buy the digital currency using credit cards, effective Monday.

“Across Lloyds Bank, Bank of Scotland, Halifax and MBNA, we do not accept credit card transactions involving the purchase of cryptocurrencies,” a spokeswoman for the banking group said (as quoted by The Guardian).

The bank’s customers, however, would still be able to buy bitcoin using debit cards. The bank said that the ban on bitcoin purchases using credit cards was meant to “protect customers” from making unaffordable losses when the price falls.

Lloyds Bank is the first major credit card provider in the UK to prohibit access to Bitcoin. Recently, a number of banking majors in the U.S. including JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc., said that they are halting cryptocurrency purchases using credit cards. Deutsche Bank Wealth Management is also advising clients not to invest in cryptocurrencies.

Furthermore, social media giant Facebook announced last month a new policy to prohibit promotional activities on initial coin offerings (ICOs) and cryptocurrency.

Lloyds Bank follows U.S. banks to ban bitcoin purchases using credit cards

Lloyds Banking Group, a major financial services group in the UK, has banned its customers from using credit cards to buy bitcoin, according to The Telegraph.

The ban comes at a time when the price of bitcoin has more than halved since it hit near $20,000 levels in December 2017. BTC/USD is currently trading at 7800 levels, with scope for more downside.

Lloyds, which includes Halifax, Bank of Scotland and MBNA, will prohibit its 9 million credit card customers in their attempt to buy the digital currency using credit cards, effective Monday.

“Across Lloyds Bank, Bank of Scotland, Halifax and MBNA, we do not accept credit card transactions involving the purchase of cryptocurrencies,” a spokeswoman for the banking group said (as quoted by The Guardian).

The bank’s customers, however, would still be able to buy bitcoin using debit cards. The bank said that the ban on bitcoin purchases using credit cards was meant to “protect customers” from making unaffordable losses when the price falls.

Lloyds Bank is the first major credit card provider in the UK to prohibit access to Bitcoin. Recently, a number of banking majors in the U.S. including JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc., said that they are halting cryptocurrency purchases using credit cards. Deutsche Bank Wealth Management is also advising clients not to invest in cryptocurrencies.

Furthermore, social media giant Facebook announced last month a new policy to prohibit promotional activities on initial coin offerings (ICOs) and cryptocurrency.