Big Step taken by JPMorgan and Bank of America
Recently in a report by Bloomberg, the customers of JPMorgan and Bank of America will no longer be able to trade (i.e.) purchase Cryptocurrencies with their Credit Cards. This later reports comes fresh in the month of February, 2018.
Here comes a heart breaking news by two of the world’s largest and renowned financial institutions. We are talking about Bank of America and JPMorgan Chase. The said institutions as mentioned above stated that they have seen a craze in their customers about the cryptos and altcoins. They says that there is a reason to concern. People are taking cryptos and blockchain as a tool of investments.
At present the cryptocurrency market and well known coins such as Bitcoin, Ripple, Ethereum are showing a strange graph difficult to predict. Looking at these, traders and buyers are purchasing these altcoins using Credit Cards and storing it.
In fact there has been a constant downfall in the prices of altcoins and people are losing their money. The main this is these people are buying altcoins using Credit Cards which then questions about their liquidity. Despite of less liquidity, people are much involved in the game of Bitcoins and altcoins that they are ready to take the risk and forgoing their liquidity.
Now the problem is that they are running short of money because they have brought altcoins using their upper limits. Hence all the financial institutions are worrying a lot of not getting their money back. There is also a constant fear of details Credit cards being stolen by the crypto hackers that can use these details and harm the people financially and make them reach our of money with huge debt.
Hence, Bank of America and JPMorgan Chase have decided to put a BAN on purchase of cryptos using Credit Cards. Other banks are also thinking on putting a ban of this practice. However for the Bank of America customers, they can still make purchase of altcoins using their ATM or Debit Cards.
Reports of Bloomberg claims ban by Bank of America will be into practice by Feb 2nd itself. This is a very sad news for all the crypto savvies now no more allowed to trade using Credit Cards anymore. But still you can use the BoAmerica Debit card to transact. Whatever be it but from one side I can say this decision can be very much helpful and may save lots of people from the crypto loophole.