It was on Sunday when Lloyds Banking Group Plc proceeded to say that it was planning on banning its credit card customers from making Bitcoin purchases and other cryptocurrencies. The company’s spokeswoman via email outlined that across Lloyds Bank, MBNA, Halifax and Bank of Scotland they did not at all accept credit card transactions which in one way or the other involved the purchase of cryptocurrencies.

There are reports that Britain’s biggest mortgage lender might soon be resorting to banning its credit card customers from purchasing Bitcoin and the reason that is coming to the limelight is the fact that they could end up incurring significant losses.

It is willing to do everything within its means to ensure that things move according to plan, one of the ways being that it could from Monday block any attempts to purchase Bitcoin with a credit card. However, there are reports that a buyer could move ahead to make purchases of the digital currencies using debit cards.

An official working with the company has said that all the credit card customers that depend on the bank will be cut off from making any online Bitcoin purchases and that will be done through a blacklist that will flag sellers as was outlined by a telegraph.

The company reserves several fears, one of them being that a large number of the credit card owners might resort to purchase Bitcoin in the hope that they would end up making a profit eventually when its value hikes up.

Theresa May, who is the British Prime Minister, stated that there was great need for Britain to scrutinize digital currencies such as Bitcoin and that was in close consideration of the fact that they could be used by criminals in a number of destructive agendas.

A person familiar with the most recent developments said, “Digital currencies plunged on Friday, with Bitcoin at one point sliding below $8,000 and headed for its biggest weekly loss since December 2013, amid worries about a global regulatory clampdown.”

A lot is happening around Bitcoin and a lot of speculation is coming to the limelight but of course time will tell.