UK Regulator Proposes Ban on Buying Crypto With Credit Cards
Summary
Britain's Financial Conduct Authority (FCA) proposes banning the purchase of cryptocurrency using borrowed funds, including credit cards and loans, due to concerns over consumers incurring unsustainable debt from volatile digital assets. A YouGov survey indicated a 14% usage of credit for crypto purchases among UK users, a 133% increase over two years. The proposal exempts stablecoins authorized by the FCA. Public comments on the proposal are open until June 13. Additional proposals include holding crypto staking firms liable for certain financial losses and banning crypto lending and borrowing platforms.
