Citibank India is the last major bank to ban its customers from all over the world. use credit cards to buy cryptocurrencies. A little further, by banning the use of debit cards for cryptographic purchases, Quartz India reports today, Feb. 14.
Quartz India wrote today that it had personally reviewed an email from Citibank India sent to customers on Feb. “19459003]
” In view of the concerns, both globally and locally, including the Reserve Bank of India, to warn members of the public about the potential economic, financial, operational, legal, customer and the security risks associated with the processing of bitcoins, cryptocurrencies and virtual currencies, Citi India has decided not to allow the use of its credit and debit cards for the purchase or sale of trading these bitcoins, c “
Citibank India is a subsidiary of Citigroup, a multinational investment banking and financial services company that has banned all credit card purchases of crypto credit ban last week.The ban on Citigroup came with that of JP Morgan Chase and Bank of America, and was followed by credit card bans by Lloyds Banking Group and Virgin Money.
The Indian government has been undecided about its position on Bitcoin (BTC) and other cryptocurrencies. The finance minister calls Bitcoin a “Ponzi scheme” in December 2017, but Indian banks are also positive about blockchain technology.
In mid-January, many Indian banks suspended or closed the cryptographic exchange accounts. a risk of “suspicious transactions”. On February 1, a misinterpretation of the regulatory comments of India’s Finance Minister as a total ban on encryption resulted in a worldwide decline in cryptographic markets.