Wells Fargo, senior VP of senior vice president, design and delivery leader in the Innovation Group at Wells Fargo told Bank Innovation in a recent interview that the bank currently doesn’t block any cryptocurrency purchase on its cards, debit or credit, nor does not have any plans in place to do so in the foreseeable future.
Barclaycard, U.S. operations of Barclays, told Bank Innovation that it plans on banning cryptocurrency purchases on its cards as well. In fact, Paul Wilmore, CMO at Barclaycard Paul Wilmore told Bank Innovation that purchasing cryptocurrency is a “purely speculative purchase,” comparing it to gambling related transactions, which, incidentally, are not allowed on their credit cards either.
Many banks started growing skeptical of cryptocurrency after the crypto market displayed extreme volatility in the past few months, especially with the price of bitcoin. Even though, the U.S. Securities and Exchange Commission and Commodity Futures Trade Commission (SEC) presented a mildly optimistic outlook on the cryptocurrency phenomenon, many banks remain wary.
Wells Fargo does not seem to be one of them.