The 3rd largest banking company Wells Fargo, which operates in the US, Canada and Puerto Rico and provides such services as credits and loans, retirements plans, insurance etc, will not allow the holders of its credit cards to buy digital coins using them.
The representative of the bank stated claimed that such a decision was taken in order to keep the customers and their money safe. He told the CCN that cryptocurrencies have “multiple risks associated with this volatile investment.”
Wells Fargo’s analytics specialist Bobby Zheng stated the following:
“Customers should be aware of the security, transaction and regulatory risks of digital assets, in addition to their volatile market price movements.”
From the statement of the bank’s spokesman it is clear that the ban is not going to be perpetual, since the analysts of Wells Fargo are constantly monitoring the situation on the cryptocurrency market. In case the risks of cryptocurrency investments reduce over time, the customers will once again have a chance to use their credit cards to buy Bitcoin, Ethereum or any other digital coin.
Wells Fargo is not the first financial institution in America to prohibit buying cryptocurrency. The main US bank, The Bank of America, as well as other popular establishments, have also taken such measures.
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