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Cryptocurrencies

Barclays to ban credit card transactions involving Bitcoin purchase in US

Monday 12 February 2018 | 08:51 AM CET

Barclays is likely to follow other large lenders in the US in stopping customers from buying Bitcoin and other cryptocurrencies with their credit cards, according to Reuters.

Furthermore, a spokeswoman for Barclays in London said that the bank is reviewing its policy on a country-by-country basis and that it had not yet changed its policy. Barclaycard is one of the biggest credit card providers in both the UK and the US that is yet to formally announce a ban on card purchases of digital currencies, the online publication continued.

Besides Barclays, Lloyds Bank which issues just over a quarter of all credit cards in Britain, and Virgin Money announced such a ban recently, following the lead of JP Morgan Chase and Citigroup. The moves are aimed at protecting customers from running up large debts from buying virtual currencies on credit, if their values were to plummet, a Lloyds spokeswoman concluded for Reuters.

More: Link
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