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February 9, 2018

Barclays reportedly plans U.S. cryptocurrency credit card ban

The odds continue to stack against cryptocurrency, can they make a surging recovery this time?

By Tom Ball

Cryptocurrencies are potentially facing another big value hit with Barclays rumoured to be planning a ban on customers using credit cards to buy them in the U.S.

This insight reportedly originated from an interview with a senior executive working within the credit card department of the major UK bank, as reported by Thomson Reuters.

If this comes to pass, Barclays will be the next big name to drop its lending support for cryptocurrencies, mirroring the action taken by the Lloyds Banking Group that encompasses Halifax, Bank of Scotland and Lloyds Bank.

Barclays reportedly plans U.S. cryptocurrency credit card ban

Speaking to Bank Innovation blog, Paul Wilmore, managing director at Barclaycard reportedly said: “We are making the decision that we will likely no[t] allow cryptocurrency purchases on the card.”

Bitcoin and the many other cryptocurrencies that have been riding high on its bow wave have entered into a period of turmoil recently, as governments and large organisations drop support for them based on their extreme instability.

Countries including China, Russia, India, South Korea and Vietnam have already put regulatory choke holds on cryptocurrencies, either limiting trading of digital currencies or banning them altogether. Recently UK Prime Minister Theresa May and Chancellor of the Exchequer Phillip Hammond announced at Davos an interest on implementing more rigid controls on cryptocurrencies, another move that had a noticeable impact on value.

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In addition to this, the fast-moving payments processor, Stripe, has shown cryptocurrency concern by abandoning support for Bitcoin. The organisation blamed its wild instability, but it did in fact maintain its interest in working with cryptocurrencies in the long run.

After making historic strides in 2017, Bitcoin climbed to a value of almost $20,000 per unit, since this point it has plummeted back below $6,000, a dip that has posed a major threat to investors. The famous Warren Buffet has come forward with the prediction that cryptocurrencies will face a bad ending, while some still remain confident of their place in the future.

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