Barclays in US set to join cryptocurrency credit card ban

Barclaycard is one of the biggest credit card providers in both Britain and the US that is yet to formally announce a ban on card purchases of digital currencies. (Reuters)
Updated 09 February 2018
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Barclays in US set to join cryptocurrency credit card ban

LONDON: Barclays is likely to follow other major lenders in the US in stopping customers from buying Bitcoin and other cryptocurrencies with its credit cards, according to an interview with a senior executive at its credit card unit.
“We are making the decision that we will likely no allow cryptocurrency purchases on the card,” Paul Wilmore, managing director at Barclaycard, told Bank Innovation blog.
A spokeswoman for Barclays in London said that the bank is reviewing its policy on a country-by-country basis and that it had not yet changed its policy.
Barclaycard is one of the biggest credit card providers in both Britain and the US that is yet to formally announce a ban on card purchases of digital currencies.
Lloyds Banking Group, which issues just over a quarter of all credit cards in Britain, and Virgin Money announced such a ban last week, following the lead of JP Morgan Chase & Co. and Citigroup.
The moves are aimed at protecting customers from running up huge debts from buying virtual currencies on credit, if their values were to plummet, a Lloyds spokeswoman said last week.


China cancels trade talks with US as tariff threats escalate

Updated 22 September 2018
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China cancels trade talks with US as tariff threats escalate

  • A mid-level delegation was due to travel to Washington ahead of Liu’s visit, but the trip has now been abandoned
  • China added $60 billion of US products to its import tariff list as it retaliated against US duties on $200 billion of Chinese goods

SHANGHAI: China has canceled upcoming trade talks with the United States and will not send vice-premier Liu He to Washington next week, the Wall Street Journal reported, citing sources.
The Wall Street Journal said a mid-level delegation was due to travel to Washington ahead of Liu’s visit, but the trip has now been abandoned.
Earlier this week, China added $60 billion of US products to its import tariff list as it retaliated against US duties on $200 billion of Chinese goods set to go into effect from Sept. 24.