NewsBytes
    Hindi Tamil Telugu
    More
    In the news
    Mukesh Ambani
    WhatsApp
    Reliance Jio
    OPPO
    Vivo
    Sensex
    Bitcoin
    NewsBytes
    Hindi Tamil Telugu
    NewsBytes
    User Placeholder

    Hi,

    Logout


    India Business World Politics Sports Technology Entertainment Auto Lifestyle Inspirational Career Bengaluru Delhi Mumbai Visual Stories Find Cricket Statistics Phones Reviews Fitness Bands Reviews Speakers Reviews

    Download Android App

    Follow us on
    • Facebook
    • Twitter
    • Linkedin
     
    Home / News / Business News / Citi India bans use of cards for cryptocurrency purchases
    Business

    Citi India bans use of cards for cryptocurrency purchases

    Citi India bans use of cards for cryptocurrency purchases
    Written by Shiladitya Ray
    Feb 13, 2018, 05:43 pm 2 min read
    Citi India bans use of cards for cryptocurrency purchases

    Despite the spike in cryptocurrency valuation across the world, governments seem to be cracking down on cryptocurrencies. Following last month's decision by banks such as SBI, ICICI Bank, HDFC Bank, Axis Bank, and Yes Bank to suspend accounts of major bitcoin exchanges in the country, Citi India has now announced a ban on the use of their credit and debit cards for purchasing cryptocurrencies.

    Government doesn't recognize cryptocurrencies as legal tender

    Citi India said that its decision came after considering both global and local concerns, including from the RBI, regarding potential economic, financial, operational, legal and security-related risks pertaining to cryptocurrency purchases. In his Union Budget speech, Finance Minister Arun Jaitley had said the government doesn't consider cryptocurrencies as legal tender and would take all measures to eliminate their use in financing illegitimate activities.

    The Finance Minister's statement on cryptocurrencies during the budget

    "The Government does not consider crypto-currencies legal tender or coin and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system," Arun Jaitley had said.

    Big banks are cracking down on cryptocurrency purchases

    Earlier this month, banking giants like JPMorgan Chase & Co., Bank of America Corp., Llyod's Banking Group, and Citigroup Inc. also banned their customers from using their cards for cryptocurrency purchases. While MasterCard and Visa haven't banned cryptocurrency purchases yet they continue to be cautious about them. MasterCard also currently considers cryptocurrencies as 'cash advances' and levies fees and charges accordingly.

    Share this timeline
    Facebook
    Whatsapp
    Twitter
    Linkedin
    Latest
    India
    Reserve Bank Of India (RBI)
    ICICI Bank
    State Bank of India (SBI)

    Latest

    These desi destinations will give you perfect international feels Travel And Tourism
    Meta will discontinue its to-do list app 'Move' in March Meta
    Jackie Shroff birthday special: Iconic roles that defined his career  Bollywood
    Here's how you can break 5 negative thought patterns Mental Health

    India

    Finance Minister Nirmala Sitharaman to present 2023 Economic Survey today Union Budget
    Amid global slowdown predictions, IMF calls India 'bright spot' International Monetary Fund
    Congress's Jairam Ramesh reacts to S Jaishankar's 'China 1962' remark Congress Party
    Swedish woman flies to India to marry Uttar Pradesh man Uttar Pradesh

    Reserve Bank Of India (RBI)

    ICICI bank fraud case: Videocon's Venugopal Dhoot gets interim bail Venugopal Dhoot
    World's biggest ship skips India amid lack of port infrastructure Adani Ports
    Meet BV Nagarathna, SC judge who dissented from demonetization verdict Supreme Court Of India
    'Not flawed': Supreme Court upholds government's 2016 decision of demonetization Supreme Court Of India

    ICICI Bank

    HDFC Q3 results: Profit jumps 19% to Rs. 12,735 crore HDFC Bank
    ICICI-Videocon scam: Chanda Kochhar, husband Deepak Kochhar released from jail Chanda Kochhar
    Special CBI court sends Kochhars, Dhoot to 14-day judicial custody Central Bureau Of Investigation (CBI)
    CBI court allows Kochhar couple, Venugopal Dhoot use special beds Central Bureau Of Investigation (CBI)

    State Bank of India (SBI)

    Electoral bond sales begin in India: How to buy them? Finance
    How has Indian Rupee performed against US Dollar since Independence? India
    LIC, Reliance among Indian companies in Fortune Global 500 list Walmart
    SBI customers can avail banking services via WhatsApp: Here's how WhatsApp

    Love Business News?

    Subscribe to stay updated.

    Business Thumbnail
    Indian Premier League (IPL) Celebrity Hollywood Bollywood UEFA Champions League Tennis Football Smartphones Cryptocurrency Upcoming Movies Premier League Cricket News Latest automobiles Latest Cars Upcoming Cars Latest Bikes Upcoming Tablets
    About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive Download DevBytes Find Cricket Statistics
    Follow us on
    Facebook Twitter Linkedin
    All rights reserved © NewsBytes 2023