Lloyd's Banking Group will prohibit cryptocurrency purchases with credit cards

Several banks, including British Lloyd's Banking Group will block credit card users from purchasing Bitcoin
05 February 2018   884

Telegraph reports that British Lloyd's Banking Group will block any cryptocurrency-related operations with credit cards.

The Company's spokesperson further announces:

"Across Lloyds Bank, Bank of Scotland, Halifax and MBNA, we do not accept credit card transactions involving the purchase of cryptocurrencies"

The block will not affect debit cards, but credit card users won't be able to perform any transactions involving cryptocurrencies and Bitcoin in particular. Banks fear that people will increase their debts just to try for a quick profit in crypto-related field. And the Lloyd's Group is the first to officially announce that the don't want to finance the impending fallout.

According to the reports, last year thousands of Brits rushed to buy Bitcoin during the lengthy bull-run which sent prices skywards. Even the government made the report at that time to warn people of risks involved and to try and stop people from rushing headlong into the unknown. Now everything points to the events repeating themselves and banks can't sit idle.

Even across the Atlantic three major US banks take the same stance, trying to stop the upcoming tide. JP Morgan Chase & Co., Citigroup Inc. and Bank of America Corp. have take the similar stance and announced that they will or already are blocking cryptocurrency-related transactions made with credit cards. All of this can cause further price drop, because it just became a little more difficult for the common folk to enter the cryptomarket.

It's very likely that other banking institutions will follow the trend in the near future and cut off credit card users from Bitcoin purchases.

SEC to Need More Info on BTC ETF

SEC is gathering more input from the public – to date, according to the agency, more than 1,400 comments have been submitted
21 September 2018   145

The US Securities and Exchange Commission (SEC) announced the beginning of a formal process for considering the application for the creation of bitcoin-ETF from the New York companies VanEck and SolidX. Nevertheless, the agency appealed to the community for more information. This is stated in the document published on the SEC website.

Institution of such proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change. Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved. Rather, as described below, the Commission seeks and encourages interested persons to provide comments on the proposed rule change.

The US Securities and Exchange Commission

At the moment, the SEC received about 1,400 comments.

According to the document, the Chicago Board Options Exchange (CBOE) has signed an agreement on the exchange of data on bitcoin transactions, trading and the state of the market with the cryptocurrency trading platform with Gemini.

The agency asked commentators to clarify the position of Gemini in the digital currency market and assess the likelihood of increased volatility at this site in connection with possible trades of bitcoin-ETF.

So, before September 30, the department had to decide on whether to approve, deny or initiate the proceedings. The SEC chose the latter, which is likely to delay the process until the next year.