In a notable shift in the UK banking sector, Barclays Bank—one of the country's "Big Four" banks—has confirmed that its customers can continue using credit cards to purchase cryptocurrencies. However, Virgin Money has adopted a contrasting policy, prohibiting such transactions.
Barclays Bank Supports Cryptocurrency Purchases
A Barclays spokesperson revealed in a BBC interview that customers may use the bank’s debit and credit cards to buy cryptocurrencies. This decision positions Barclays differently from competitor Lloyds Bank. The spokesperson emphasized that while Barclays will implement safeguards—such as monitoring suspicious transactions and assessing credit risk—it will not impose restrictions on cryptocurrency purchases.
The spokesperson stated:
“We take preventive measures to evaluate customers’ affordability before extending credit, flag suspicious activity, and closely monitor credit exposures.”
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Virgin Money’s Restrictions on Crypto Transactions
In contrast, Virgin Money—a financial services firm headquartered in Edinburgh—has banned its credit card users from purchasing cryptocurrencies. The company operates in the UK, South Africa, and Australia, though it remains unclear whether the ban applies across all three regions.
Like Lloyds Bank, Virgin Money’s prohibition is limited to credit cards; customers can still use linked debit cards for crypto transactions.
Interestingly, Virgin Group founder Sir Richard Branson is a vocal advocate of Bitcoin and a longtime cryptocurrency holder. In 2013, Branson announced that Virgin Galactic would accept Bitcoin for future space tourism bookings.
Key Takeaways
- Barclays Bank: Permits cryptocurrency purchases via debit/credit cards with risk controls.
- Virgin Money: Bans crypto transactions on credit cards but allows debit card usage.
- Richard Branson: A prominent Bitcoin supporter, integrating crypto into Virgin Galactic.
FAQs
Q: Can I buy Bitcoin with a Barclays credit card?
A: Yes, Barclays allows crypto purchases but monitors for risky transactions.
Q: Does Virgin Money ban all crypto transactions?
A: No—only credit card purchases are blocked; debit cards remain an option.
Q: Is Richard Branson involved in cryptocurrency?
A: Yes, he holds Bitcoin and enabled Virgin Galactic to accept it as payment.