J.P. Morgan Chase Bank banned credit card purchases of cryptocurrency

J.P. Morgan Chase Bank banned credit card purchases of cryptocurrency

Customers of J.P. Morgan Chase Bank and Citigroup cannot buy cryptocurrencies with credit cards now.

J.P. Morgan Chase reported on Friday they are no longer allowing to use credit cards for operation with cryptocurrencies. Bank of America and Citigroup also change their policies.

"At this time we are not processing cryptocurrency purchases using credit cards, due to the volatility and risk involved. We will review the issue as the market evolves," explained a spokesperson from J.P. Morgan Chase bank.

Previously, J.P. Morgan CEO Jamie Dimon criticized Bitcoin, calling it a “fraud”. He also threatened to fire bank's employees who invested in the cryptocurrency.

This week Bitcoin has dropped below $8000.  It happened because many banks have reviewed their policies on cryptocurrency trading and using credit cards for purchases of digital money.

Citigroup, the leading global bank, has banned credit card purchases of cryptocurrency this week. They added that the bank's policy on this question depends on the crypto market's developing. Bank of America prohibit buying cryptocurrencies with their credit card too.

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