Banks in Britain and the US have banned the use of credit cards to buy Bitcoin and other “cryptocurrencies,” fearing a plunge in their value will leave customers unable to repay their debts.
Lloyds Banking Group, Britain’s biggest lender, said on Sunday it would ban its credit card customers from buying cryptocurrencies, following the lead of US banking giants JP Morgan Chase & Co. and Citigroup.
The move is aimed at protecting customers from running up huge debts from buying virtual currencies on credit, if their values were to plummet, a Lloyds spokeswoman said.
Concerns have arisen among credit card providers because their customers have increasingly been using credit cards to fund accounts on online exchanges, which are then used to purchase the digital currencies.
Last week Mastercard, the world’s second-biggest payments network, said customers buying cryptocurrencies with credit cards fueled a 1 percentage point increase in overseas transaction volumes in the fourth quarter.
At that time Bitcoin was staging a spectacular rise in value, reaching a peak of $19,187 on December 16 on the Luxembourg-based Bitstamp exchange.
But the biggest and best-known cryptocurrency has since fallen dramatically and on Monday was down by 6 percent to $7700 at 1100 GMT on Bitstamp, extending losses from Friday amid worries of a global regulatory clampdown.
A spokeswoman for Chase bank said it is not currently processing credit card purchases of cryptocurrencies because of the volatility and risk involved, while a Citi spokeswoman confirmed a similar ban, but did not give a reason.
The bans extend only to credit card purchases, with debit card users still able to buy cryptocurrencies.
“Across Lloyds Bank, Bank of Scotland, Halifax and MBNA, we do not accept credit card transactions involving the purchase of cryptocurrencies,” the Lloyds spokeswoman said in an email.
Lloyds did not say how it planned to enforce the ban, although the Telegraph newspaper reported on Sunday that its credit card customers will be blocked from buying Bitcoin online through a “blacklist” that will flag sellers.
A spokeswoman from the Royal Bank of Scotland declined to comment on the bank’s policy.
Other leading British lenders including Barclays, and HSBC did not immediately respond to requests for comment on whether they permit credit card purchases of cryptocurrencies or had any plans to change their policies.
Concerns about the use of Bitcoin and other such currencies extend beyond the use of credit cards for borrowing.
British Prime Minister Theresa May has said Britain should take a serious look at digital currencies such as Bitcoin because of the way they can be used by criminals.
US and British banks ban bitcoin purchases using credit cards
US and British banks ban bitcoin purchases using credit cards
Saudi Arabia ranks 2nd globally in digital government, World Bank 2025 index shows
WASHINGTON: Saudi Arabia has achieved a historic milestone by securing second place worldwide in the 2025 GovTech Maturity Index released by the World Bank.
The announcement was made on Thursday during a press conference in Washington, DC, which evaluated 197 countries.
The Kingdom excelled across all sub-indicators, earning a 99.64 percent overall score and placing it in the “Very Advanced” category.
It achieved a score of 99.92 percent in the Core Government Systems Index, 99.90 percent in the Public Service Delivery Index, 99.30 percent in the Digital Citizen Engagement Index, and 99.50 percent in the Government Digital Transformation Enablers Index, reflecting some of the highest global scores.
This includes outstanding performance in digital infrastructure, core government systems, digital service delivery, and citizen engagement, among the highest globally.
Ahmed bin Mohammed Al-Suwaiyan, governor of the Digital Government Authority, attributed this achievement to the unwavering support of the Saudi leadership, strong intergovernmental collaboration, and effective public-private partnerships.
He highlighted national efforts over recent years to re-engineer government services and build an advanced digital infrastructure, which enabled Saudi Arabia to reach this global standing.
Al-Suwaiyan emphasized that the Digital Government Authority continues to drive innovation and enhance the quality of digital services, in line with Saudi Vision 2030, supporting the national economy and consolidating the Kingdom’s transformation goals.
The 2025 GTMI data reflects Saudi Arabia’s excellence across key areas, including near-perfect scores in core government systems, public service delivery, digital citizen engagement, and government digital transformation enablers. This balanced performance places the Kingdom firmly in the “Grade A” classification for very advanced countries, demonstrating the maturity of its digital government ecosystem.
Saudi Arabia’s progress in the index has been remarkable: from 49th place in the 2020 edition, to third in 2022, and now second in 2025, confirming its status as a global leader in digital transformation and innovation.
The achievement also reflects the Kingdom’s focus on putting people at the center of digital transformation, enhancing user experience, improving government efficiency, and integrating artificial intelligence and emerging technologies across public services.
