Buying cryptocurrency through credit card is now not allowed in Barclays Bank

Barclays is also following other major bank’s move in the U.S and other countries in order to stop their customers buying bitcoin and cryptocurrencies from Credit cards.

Paul Wilmore, managing director at Barclaycard, told:

“We are making the decision that we will likely not allow cryptocurrency purchases on the card.”

A spokeswoman for Barclays in London told 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 Britain and the U.S. is now announcing a ban on purchasing cryptocurrencies such as Bitcoin through Credit card.

Recently, JPMorgan and Bank of America also said no to Crypto Transactions through Credit Cards. JPMorgan CEO Jamie Dimon told that they don’t want to inherit the credit risk as the market is fluctuating. Thinking about the price of high volatile investment in cryptocurrencies such as bitcoin, investors are opening the bank to a higher risk of default. At the same time, regulators are working to detect the signs of fraud, and taking the credit cards out of the equation explains things somehow.

After JPMorgan and Bank of America, UK’s Lloyds Bank also announced BAN Bitcoin’s Payment through Credit Cards. The bank will be setting up a ‘blacklist’ which will signal the sellers of cryptocurrencies to keep customers from purchases. According to the spokesperson, the aim is to protect the customers from unaffordable losses. The report also declares that the ban will not move towards the debit card customers, who will be able to buy cryptocurrencies constantly through their bank accounts.

The Lloyds spokeswoman said that the ban is launched to protect the customers from running huge bills from purchasing cryptocurrencies via credit card.