Barclays in U.S. set to join cryptocurrency credit card ban -report
LONDON, Feb 9 (Reuters) - Barclays is likely to
follow other major lenders in the United States in stopping
customers from buying Bitcoin and other cryptocurrencies with
its credit cards, according to an interview with a senior
executive at its credit card unit.
"We are making the decision that we will likely no allow
cryptocurrency purchases on the card," Paul Wilmore, managing
director at Barclaycard, told Bank Innovation blog.
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 Britain and the U.S. that is yet to formally announce a ban
on card purchases of digital currencies.
Lloyds Banking Group Plc, which issues just over a
quarter of all credit cards in Britain, and Virgin Money
announced such a ban last week, following the lead of JP Morgan
Chase & Co and Citigroup.
The moves are 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 last week.
(Reporting by Lawrence White; editing by Alexander Smith)
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