Barclays, a major UK bank, plans to prohibit customers from buying cryptocurrencies with debit cards, effective by the week's end, citing consumer risks associated with crypto investments. This policy was announced quietly, with many users discovering it through social media. The decision is surprising, especially as the UK has been working to attract the crypto sector, with regulators advocating for relaxed investment rules. Barclays stated, "From June 27, 2025, we’ll block crypto transactions made with a Barclaycard due to the risks of falling crypto prices leading to unmanageable debt for customers." This abrupt change has sparked backlash, particularly since Barclays has previously invested in Bitcoin ETFs and shown interest in blockchain technology. While many US banks are embracing crypto amid favorable regulations, Barclays appears to be distancing itself from the trend. The bank's brief announcement leaves many questions about its future stance on the growing crypto industry, especially as the UK government promotes consumer protection and pro-crypto policies. Read more AI-generated news on: https://app.chaingpt.org/news

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