Wells Fargo becomes latest to ban customers from cryptocurrency purchases on credit cards...

Wells Fargo now joins Citigroup, JPMorgan Chase, and Bank of America in banning cryptocurrency purchases from credit cards issued by them.

“We will continue to evaluate the issue as the market evolves” Spokesperson Shelley Miller told Bloomberg news.

The banks odd and rare public stance is that they are doing this out of concern for their clients and their ability to pay them back.  A reason that makes little since when you think about it.

Why am I right now, able to purchase everything needed for a $10,000 vacation to Europe? Which would leave me with nothing that I could sell afterwards?  My credit card company does nothing to make sure I can pay it back.  Not even a friendly phone call to make sure I can afford this vacation?  I thought you cared!

But I can't buy $10,000 worth of Bitcoin, which could even lose half it's value - i'd still be left with $5000 worth of it.  That's the riskier transaction? Really?!

Why the concern with just this one purchase? I think we all know the answer.

Wells Fargo is trying to recover from a scandal where they created millions of unwanted and fraudulent savings and checking accounts for their customers without consent. They were fined $185 million for the illegal activity, and faces multiple civil lawsuits.

Nothing like cryptocurrency to bring out sudden concern for customers well-being.

Author: Ross Davis
E-Mail: Ross@GlobalCryptoPress.com Twitter:@RossFM
San Francisco News Desk