Published On: Mon, Feb 5th, 2018

Virgin Money Joins Banks’ Ban on Credit Card Bitcoin Purchases But What Does it Really Mean?

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Virgin Money just jumped on the Bitcoin buying ban but it’s not as big a deal as many are making out.
This week, The New York Times has reported that Virgin Money has banned the purchases of cryptocurrencies on its credit cards. The news comes as just the latest of this sort of move to hit the press, with a number of big-name banks also banning the purchase of bitcoin with their credit cards – the latest example outside of Virgin Money being Lloyds Bank.
A Setback Or Non-News?
These developments are being presented as major setbacks for the cryptocurrency space, indicative of what many are saying is the realization of a long-expected pushback from the financial institutions that dominate the industry right now.
And the headlines are designed to support this presentation.
In reality, however, things aren’t nearly as bad as said headlines would have readers believe.
Why?
Well, the crux of the news is this: banks no longer want you to be able to buy Bitcoin and other cryptocurrencies using your credit card. Note, this doesn’t say that banks no longer want you to be able to buy Bitcoin and other cryptocurrencies. …

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