Wells Fargo Bans Purchases On Credit Cards Via Cryptocurrency

Recently, Wells Fargo & Co. had prohibited the use of cryptocurrency purchases from their credit cards. Earlier, other companies like Citigroup Inc., JPMorgan Chase & Co., and Bank of America Corp. in February also limited the purchase of cryptocurrency on their credit cards.
As reported by Bloomberg, Shelley Miller a spokeswoman said in an emailed statement that Wells Fargo “will continue to evaluate the issue as the market evolves.
These companies also complained that cryptocurrency purchase can lead to citing market volatility and credit risks. After, the action of banning several lenders are worried about their digital currency repay.
According to a study by LendEDU, last year reveals that approximately 18 percent of Bitcoin investors use their credit card for its purchases as well as nearly 22 percent failed to pay off their balance after buying the Bitcoin.
Further, there is the decline in almost half of the value of Bitcoin cryptocurrency this year. This decline is due to increase in cyber heists and lingering concern on trading of such currencies in China among investors.