Banks not to Deal In Crypto Currency
As cryptocurrency stability and other usage issues arise many financial institutions have taken a careful back-step in exchanging and dealing in the much hyped and much mined Crypto.
Recently banks like Bank of America, Citigroup and JP Morgan Chase and Citigroup each stated as Bloomberg reported that they were halting transactions involving digital currency with their credit cards. Betty Riess, Bank of America spokeswoman, said customers can still use their debit cards. Discover and Capital One have in the past said that they will not allow their cards to be used for cryptocurrency transactions.
The decision came about due to the untraceable nature of cryptocurrency since it is not tangible in terms of real and both the institutions and lenders may face serious problems in keeping track of what, where, why and when – when it comes to crypto currency.
No wonder it is that the market will crash for crypto and Bitcoin till the trade in such valued currency becomes a stable and known practice.