Bank of America bans bitcoin and cryptocurrency purchases using credit cards

Bank of America has just made an announcement that it will be banning bitcoin and other cryptocurrency purchases issued by their bank. BOA says that there is big risk linked with the cryptocurrency purchases. There is big possibility of fraud as well. People are criticizing their decision on social media. They say if one can get a cash advance inside Las Vegas-casino, then banning users from buying cryptocurrency makes no sense.

I think that if the Bank of America can ban credit cards, then they can block wire transfers as well. There are myriad reports of accounts that are being blocked because of transfers to/from exchanges. Indian banks are already doing this and I think USA will follow the suit soon.

Here is a rant of Bank of America credit card holder.

Credit cards are banned. Tried using my card yesterday and almost missed out on buying Ethereum around 870. Luckily they declined my transaction and it took me a while to get another card set up so I bought some at 800.

Bank of America clearly hates cryptocurrency transfers and does not want you to use your credit card to leave the country’s closed financial system. Cryptocurrencies have no boundaries and does not care if the amount is being transferred to someone sitting thousands of miles away.