A growing number of big credit-card issuers have said they’re halting purchases of cryptocurrencies on their cards, including JPMorgan Chase & Co and Bank of America. Several cited risk aversion and a desire to protect their customers.
Regulatory risk was always the endgame for the great pyramid bubble:
According to Financial News, a publication affiliated with the People’s Bank of China, Chinese citizens have not been dissuaded from purchasing cryptocurrency by previous attempts by the state to end the domestic industry – now they are buying from platforms abroad instead. In response to this “some regulatory measures will be taken”, according to the report.
The measure being taken is reportedly a blanket ban on access to cryptocurrency websites, according to Fortune. Weibo, the Chinese equivalent of Facebook/Twitter, and Baidu, the Chinese equivalent of Google, have already banned cryptocurrency adverts on their platforms. Facebook took this measure itself last week (because the adverts are “frequently associated with misleading or deceptive promotional practices”).
The news is bad everywhere, from Bloomie:
Meanwhile, North Korea is trying to hack South Korea’s cryptocurrency-related programs to steal digital currencies and has already stolen tens of billions of won worth, Yonhap News reported.
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Splat:
Don’t buy now.
