According to Bank of America spokeswoman Betty Riess, the policy applies to all business and personal credit cards. She clarified that customers can still use their debit cards to buy cryptocurrencies.
On the other hand, Citigroup confirmed that it will halt credit card purchases of cryptocurrencies. J.P. Morgan Chase said it does not want the volatility and risk associated with cryptocurrencies.
Credit card companies Capital One Financial and Discover Financial Services also prohibit cryptocurrency purchases.
CFTC warns of cryptocurrency retirement schemes
The U.S. Commodity Futures Trading Commission (CFTC) is warning people about cryptocurrency retirement schemes.
According to the regulator, people should be cautious of sales pitches touting “IRS approved” or “IRA approved” cryptocurrency retirement accounts.
The CFTC noted, “Tax payers tend to focus on retirement savings more at tax time in order to increase deductions or maximize savings. As a result, some businesses may attempt to lure customers into buying highly volatile cryptocurrencies using false claims or by painting virtual currencies as less risky because they can be used for retirement saving.”
