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-US trade talks ‘making a final sprint’ — state media

U.S. Treasury Secretary Steven Mnuchin shakes hands with Chinese President Xi Jinping as U.S. Trade Representative Robert Lighthizer, left, and Chinese Vice Premier Liu He, right, look on before proceeding to their meeting at the Great Hall of the People in Beijing, China February 15, 2019. (REUTERS)
Updated 16 February 2019
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China-US trade talks ‘making a final sprint’ — state media

  • US duties on $200 billion in imports from China are set to rise to 25 percent from 10 percent if there is no deal by March 1 to address US demands

SHANGHAI: Chinese state media on Saturday expressed cautious optimism over trade talks between the United States and China, a day after President Xi Jinping said a week of discussions had produced “step-by-step” progress.
Xi made the comments at a meeting on Friday with US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin in Beijing, after a week of senior- and deputy-level talks.
The People’s Daily, the official paper of the ruling Communist Party, said in a commentary that Xi’s meeting with US negotiators had affirmed progress made in previous talks and “injected new impetus into the next stage of the development of Sino-US trade relations.”
The talks “have made important progress” for the next round of negotiations in Washington next week, the paper said in its domestic edition.
“It is hoped that the two sides will maintain the good momentum of the current consultations and strive to reach an agreement within the set time limit,” it said.
US duties on $200 billion in imports from China are set to rise to 25 percent from 10 percent if there is no deal by March 1 to address US demands that China curb forced technology transfers and better enforce intellectual property rights.
In its overseas edition, the People’s Daily said “zero-sum thinking and games where you lose and I win can only create losses for both. Only on a basis of mutual respect and equal treatment, through dialogue and consultation, can we find a solution acceptable to both sides.”
An English-language editorial in the Global Times, which is published by the People’s Daily, said news that China had consulted on the text of a memorandum of understanding “shows the two sides have made unprecedented progress.”
“The MOU and next week’s talks both show that the seemingly endless China-US trade negotiations, like a marathon, are making a final sprint,” it said.
The newspapers cautioned that any agreement would have to be in the interests of both the United States and China.
“There are still obstacles to be overcome, and no one should underestimate how daunting a task the two sides face trying to resolve all the differences that have long existed between them in one clean sweep,” the official English-language China Daily said in an editorial.