One of the largest financial institutions in the United Kingdom (VK) is to block all crypto transactions on its bank cards.
In a new one afterUK Banking Titan Barclays says that from 27 June it will stop all digital asset-related transactions on its own payment cards due to the volatile price of cryptocurrencies and because they are uninsured assets.
“It is not possible to make cryptocurrency transactions using a Barclaycard. From 27 June 2025 we block crypto transactions made with a barclaycard because we acknowledge that there are certain risks with buying cryptocurrencies.
We do this because a decrease in the price of crypto assets can lead to customers being in the debts that they cannot afford to pay back. There is also no protection for crypto assets if something goes wrong with a purchase, because they are not covered by the Financial Ombudsman Service and Financial Services Compensation Scheme. “
Despite the recent prohibition on crypto assets, earlier reports indicate that Barclays has invested hundreds of millions of dollars in Ibit, Blackrock’s Bitcoin (BTC) Exchange-Traded Fund (ETF), which was launched in January 2024 and is currently the largest BTC-based BTC-based Based.
In February, the bank announced to the US Securities and Exchange Commission (SEC) that it owns 2,473,064 shares of IBIT, at the time almost $ 137 million worth almost $ 137 million.
IBIT acts at 60.98 at the time of writing, which represents an increase of 1.5% in the last 24 hours.
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Featured image: Shutterstock/Vvaldmann/Natalia Siiatovskaia