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Author Topic: Biggest Bank stops use of bank accounts for buying Bitcoins/Cryptocurrencies  (Read 126 times)
rumexx
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May 14, 2018, 05:03:48 PM
 #21

Citibank has banned use of credit and debit cards to buy cryptocurrencies.  

https://economictimes.indiatimes.com/wealth

Debit cards banned means account holders cannot use their money to buy Bitcoins

Fighting dirty to survive that is what Citibank is doing. This intimidation will not save them from the consuming fire bitcoin powered by the blockchain. The earlier they reform and embrace blockchain the safer their jobs and businesses. 

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July 25, 2018, 03:22:16 PM
 #22

More and more major credit card issuers in the United States decide they do not want to fund a "deflated ball".
A number of major US banks including JPMorgan Chase, Citigroup and Bank of America have recently announced a suspension allowing customers to purchase Bitcoin and other digital credit cards. Mary Jane Rogers, a spokeswoman for JPMorgan, said the bank had issued a ban on credit defaults on transactions.
Allowing electronic money purchases through credit cards can pose a lot of risk to banks if the borrower pays losses and can not pay. There is also the risk that thieves will abuse the locked cards or rely on stolen identities, turning them into their accounts for electronic money transactions. The government also requires banks to track customer transactions when there are signs of money laundering - this is not easy because electronic coins are highly anonymous, so the dispersion of assets, Transferring money overseas through electronic money is a very easy way.
yayat
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August 06, 2018, 10:22:53 AM
 #23

The only unusual thing about this is the debit card part of it, many banks are banning transactions on credit cards as they fear that users will not be able to pay off their debts if cryptocurrencies go bust and also that cryptocurrencies can be easily used for fraudulent activities.

Well yes I agree with you, if Cryptocurrency is made like that then the answer is not allowed.
Something that is made for fraud is not good.

If cryptocurrency is made for good, the results will be good too.

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florianuhlemann
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August 09, 2018, 05:53:28 AM
 #24

I think this is a temporary measure to save inexperienced investors. the Bank is always trying to protect its customers

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