Cryptocurrencies are Being Hammered
China prepares deeper digital currency crackdown while J.P. Morgan and Citigroup ban customer purchases of crypto's with credit cards.
The authorities in Beijing were the first in the region to get proactive against burgeoning initial coin offerings and virtual currency transactions when it ordered the closure of bitcoin exchanges and then banned initial coin offerings.
Now the Chinese government plans further draconian steps to hit cryptocurrency speculation in the country, according to reports on news site «Sina», (in Chinese). That news comes on the heels of major U.S. banks telling customers crypto purchases would not be permitted via credit cards.
Citi, Bank of America and J.P. Morgan said that they are no longer allowing customers to pay for cryptocurrencies using credit cards, as «Business Insider» reported. Asian investors, particularly in Japan and Korea, remain key acquirers of digital currencies. As yet no Asian bank has intimated a ban on credit card purchases of cryptocurrencies.
