Large Credit Card Issuers Setop Transaction Crypto

New York - Number of credit card issuers in the United States who do not want to serve cryptocurrency transactions or digital currencies continues to grow.

JPMorgan Chase & Co, Bank of America Corp., and Citigroup Inc said they stopped buying bitcoin and other digital coins using their credit cards. JPMorgan began enacting this termination since Saturday (3/2) because the company does not want to be exposed to credit risks related to crypto transactions. This was conveyed by JPMorgan spokesperson Mary Jane Rogers.

Bank of America spokesman Betty Riess said it had stopped serving crypto transactions since Friday. This policy applies to all personal and business credit cards. Debit cards can still be used.

On the same day, Citigroup said it would stop purchasing crypto using its credit card. "We will continue to review this policy in line with market developments," said spokesman Jennifer Bombardier.

In addition, Capital One Financial Corp. and Discover Financial Services said they do not serve crypto transactions.

Bitcoin prices fell below the level of US $ 9,000 or more than 50 percent from its highest level late last year. Some observers have warned that bitcoin bubbles will break. According to Coinmarketcap.com data, bitcoin prices fell 0.84 percent to US $ 8,791.45. Meanwhile, Ethereum fell 3.66 percent to US $ 903.39, and Tether fell 1.57 percent.

Funding for crypto credits poses a big risk to credit card companies because if the speculation of credit card owners fails, then almost certainly he will not be able to pay. Crypto can also be used to launder money.