Following a number of other major financial institutions in the US, the financial company Wells Fargo & Co announced the ban on the purchase of bitcoin and other crypto-currencies using its credit cards, Bloomberg reports.
While the ban on the purchase of crypto currency will act, Wells Fargo "will continue to evaluate the issue as the market evolves," said spokeswoman Shelley Miller.
Thus, Wells Fargo joined Citigroup Inc., JPMorgan Chase & Co. and Bank of America Corp., which also limited the purchase of cryptocurrency by using their credit cards in February, citing market volatility and credit risks.
As representatives of the organizations noted then, they are worried that they will be "hooked" if, by acquiring a crypto currency, the client loses money and can not repay the loan.
According to last year's research by LendEDU, approximately 18% of investors buying bitcoins used a credit card to purchase. Of these, 22% could not pay off the balance after buying the tokens.