Barclays to ban crypto transactions on credit cards from Friday

The move comes as a debate is unfolding in the UK on whether users should be allowed to buy cryptocurrencies with credit cards.

United Kingdom-based bank Barclays will begin blocking crypto transactions made through its Barclaycard credit cards starting Friday, citing risks associated with cryptocurrencies volatility.

According to the bank's website, the decision was based on concerns over volatile token prices and the lack of regulatory guardrails for investors. “We’re doing this because a fall in the price of crypto assets could lead to customers finding themselves in debt they can’t afford to repay,” said Barclays, adding that:

A Barclays spokesperson declined to further comment on the decision.

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