The British banking group Barclays, “Big Four,” confirmed that customers would continue to buy cryptocurrencies using credit cards, while Virgin Money hits the obstacles.
Opposite to a policy change of Lloyds Banking’s rival banking institution, a spokesman for British banking giant Barclays told the BBC that clients would be able to use both Barclays debit cards and Barclaycard credit cards to buy cryptocurrencies.
The spokesman accentuated that Barclays would take precautions and signal suspicious transactions, but would not currently apply at least a possible restriction on the acquisition of cryptocurrencies. Barclays spokesman said:
We take precautions to assess accessibility before extending credit, attracting attention and preventing any suspicious transaction and closely monitoring credit risk.
Meantime, Virgin Money, a financial services company in Edinburgh, joins Lloyds, keeping customers not buying cryptocurrencies like Bitcoin. The concern, according to a representative of Virgin Money, refers to the fact that customers perform debts in volatile markets.
Virgin Money works in the UK, South Africa, and Australia. Although not sure that the ban applies in all three countries, Virgin Money spokesman confirmed that a shift in policy would block its customers from cryptocurrencies purchases. A spokesman said:
As a result of a review of our policies, I can confirm that customers will no longer be able to use Virgin Money credit card to buy cryptocurrencies.
Like Lloyds, the Virgin Money ban will only apply to credit cards and not to debit cards related to the bank accounts of its clients. The prohibition on acquiring credit card cryptocurrency applies despite the fact that, as the BBC report suggests, proper use of credit cards in gambling in the UK, where interest could reach up to a 30% increase annually and no additional charges are considered.
Established by Richard Branson as a Virgin Group subsidiary, Virgin Money’s move to block crypto purchases is made despite the public support of the founder of cryptocurrencies. A determined advocate and a lawyer of Bitcoin, billionaire Richard Branson is a long-standing holder of cryptocurrency. In 2013, Virgin Galactic in Branson started to accept the Bitcoin for future space tourism.
Over the years, Branson has praised cryptocurrencies continuously, saying in 2014.
Bitcoin creates a completely new form of currency. I was glad to see PayPal announce that it will integrate BitPay on their site, and we also accept Bitcoin on Virgin Galactic.
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