Barclays, a major UK bank, is cracking down on cryptocurrency transactions. Starting June 27th, 2025, you won’t be able to buy crypto using your Barclaycard.
Why the Ban?
The bank cites the risky nature of cryptocurrencies as the reason. They’re worried about the volatile prices leading to customers racking up debt they can’t pay back. Another concern is the lack of consumer protection. Unlike traditional bank accounts, crypto investments aren’t covered by typical financial safety nets.
A Bit of a Contradiction?
Interestingly, despite this ban, Barclays has reportedly invested a hefty sum – nearly $137 million – in a Bitcoin ETF (IBIT). This seems a bit contradictory, but highlights the complexities of the financial world’s relationship with crypto. The bank’s investment shows they see potential in the crypto market, even while protecting their customers from the risks involved in direct crypto purchases.
Disclaimer: This information is for general knowledge and shouldn’t be taken as financial advice. Investing in crypto is risky, so always do your research before making any decisions.
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