Wells Fargo Halts Credit Card Cryptocurrency Purchase

U.S. financial services company Wells Fargo and Company has announced that it will no longer allow customers to use bank-issued credit cards for cryptocurrency purchases. With this move, Wells Fargo joins the ranks of other major U.S. banks who have already prohibited the purchase of cryptocurrency with their credit cards — namely, JP Morgan Chase, Bank of America, and Citigroup. Further concerns seem to stem from a survey which shows that a little over 18 percent of cryptocurrency investors used credit cards to fund their purchase. The same study shows that approximately one-fifth of them failed to pay off their credit card balance after having purchased digital currency.

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