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You know that Bitcoin has been taking a downward spiral these few weeks and now it has set financial institutions and many, wondering about the stability of the digital currency. 

Taking a lead, Lloyds Bank has banned purchasing Bitcoin on their credit cards.

BBC reports that "Lloyds Banking Group has banned its customers from buying Bitcoin and other crypto-currencies on their credit cards. The ban, starting on Monday, applies to Lloyds Bank, Bank of Scotland, Halifax and MBNA customers. It will not apply to debit cards, only to the banking group's eight million credit card customers."

 

 

 

 

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The sharp decline in the value of digital currencies, prompting fears that people may run up debts might have influenced the decision. Lloyds is concerned such bills may end up as their liabilities if debts are unpaid by customers with the rate the price of Bitcoin continues to fall.

A Lloyds spokeswoman said: "We continually review our products and procedures and this is part of that."

By the end of last week, Bitcoin lost 30% value trading at $8,291.87 - its worst week since April 2013 and far below the $19,000 it reached last November.

Comparatively speaking, however, the cryptocurrency is still ahead of the $1,000 it was trading at this time last year.

 

 

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