Barclays has announced that, effective June 27, its Barclaycard credit cards will no longer be accepted for cryptocurrency transactions. This decision is aimed at mitigating the risk of users' debts escalating uncontrollably due to the volatility of cryptocurrency prices. The bank further emphasized that cryptocurrency transactions are not covered by the protection offered by the Financial Ombudsman Service or the Financial Services Compensation Scheme. Barclaycard, a renowned credit card brand in the UK, is owned by Barclays Bank.