Citibank India Bans Both Credit And Debit Cards For Cryptocurrency

Citibank India is the newest main financial institution to ban its clients from utilizing bank cards for buying cryptocurrencies, however it has taken the measure one step additional by banning using debit playing cards for crypto purchases as effectively, Quartz India stories right this moment, Feb. 14.

Quartz India wrote right this moment that it personally reviewed an electronic mail from Citibank India despatched to clients on Feb. 13 that stated the next:

“Given concerns, both globally and locally, including from the Reserve Bank of India, cautioning members of the public regarding the potential economic, financial, operational, legal, customer protection, and security-related risks associated in dealing with bitcoins, cryptocurrencies, and virtual currencies, Citi India has decided to not permit usage of its credit and debit cards towards purchase or trading of such bitcoins, cryptocurrencies and virtual currencies.”

Citibank India is a subsidiary of Citigroup, which is a multinational funding banking and monetary companies company that had banned all credit card purchases of crypto final week. Citigroup’s ban got here alongside that of J.P. Morgan Chase and Bank of America, and was adopted by bank card bans by each Lloyds Banking Group and Virgin Money.

The Indian authorities has been indecisive about its stance on Bitcoin (BTC) and different cryptocurrencies. The Minister of Finance calling Bitcoin a “Ponzi scheme” in Dec. 2017, however Indian banks additionally acting positively in direction of Blockchain expertise.

In mid-January, many Indian banks suspended or closed the accounts of crypto exchanges, citing a danger for “dubious transactions”. On Feb. 1, misinterpretation of the Indian Finance Minister’s regulatory comments as a complete crypto ban introduced crypto markets down globally.