Bank of America and other major consumer-facing lenders are assessing the use of credit cards to purchase bitcoin and other virtual currencies, which could result in restrictions or limits.
A Bank of America BAC, +0.00% spokeswoman in San Francisco told MarketWatch that the bank was “reviewing its policies” related to the purchase of such crypto assets as bitcoin BTCUSD, +1.83% but declined to discuss further.
Citigroup Inc. C, -0.01% said it hasn’t changed its policy but “will continue to monitor this evolving space,” in the U.S., according to a person familiar with the bank’s planning who declined to be identified.
The Wall Street Journal reported Thursday that Capital One Financial Corp.COF, -0.95% banned customers from using credit cards to purchase bitcoin or coins on the Ethereum blockchain, citing “limiting mainstream acceptance and the elevated risks of fraud, loss and volatility.”
Attempts to reach Capital One for comment were not immediately successful.