The giant British bank Barclays will stop processing cryptocurrency transactions on its credit cards starting Friday, June 27, according to an announcement published on the bank’s official website.
This bank cites concerns about financial risks to customers, warning that the decline in cryptocurrency prices could lead to debts that people cannot repay. They also note that cryptocurrency assets are not protected by the Financial Ombudsman Service or the Financial Services Compensation Scheme.
Barclays is joining other major banks, including Lloyds, Virgin Money, JPMorgan, and Citigroup, in restricting the purchase of cryptocurrencies with credit cards. The bank stated that it is reviewing its policy on a country-by-country basis.
Barclays is one of the investors holding Bitcoin ETFs. In the latest SEC 13F filing, the bank revealed that it purchased 2,473,064 shares of BlackRock’s Bitcoin Trust (IBIT), valued at approximately 131 million USD as of December 31.
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