Quite a significant number of the mainstream financial institutions have kick-started moves to clamp down on cryptocurrency purchases by the various credit card holders. There is a new wave in the U.S that is witnessing the Bank of America, Discover, Capital One , Bank of America, J.P. Morgan and Citigroup take a similar stand in that all of them are at the moment declining the cryptocurrency transactions.

In the U.K, Virgin Money and Lloyds Banking Group (which includes MBNA and HBOS) have also moved ahead to ban cryptocurrency purchases using credit cards and that includes even those ones it issues. It goes without saying that quite a large number of other banks might soon be considering following suit.

At the moment, the cryptocurrency community has been looking into the various banks that have made the move to ban the credit card cryptocurrency purchases. It was on Twitter that one commenter launched complaints outlining that these bans by the banks were a monumental violation of the ownership rights. The question that is persistently being posed by most of the people is on whether or not such banks should have the freedom to control the transactions of the customers when they had already done the account approval.

Aslam is one among quite a significant number of people who have always regarded debit and credit cards as essentially one and the same thing. However, a rather basic difference does exist. A debit card makes it possible for one to use the money in a given account to make a buy. On the other hand, Credit cards are able to lend money to the user.

Banks can give you money but it is crucial to understand that when it does that it will be able to exercise some control over where you should channel the funds. That is of course because it will get to that point when it will need its money back.

A person familiar with the matter said,” This is why U.K. banks have only banned people from using credit cards for cryptocurrency purchases. Customers can still use debit cards – after all, they are free to spend their own money however they wish.”