New Delhi sources have stated that Citi India on Tuesday banned use of its debit and credit cards for purchase of bitcoins and other crypto currencies following concerns expressed by the Reserve Bank over virtual currencies. Meanwhile Citi India in a message to its customers said it has banned usage of its debit and credit cards for purchase or trading of virtual currencies.
Previously in his Budget Speech, Finance Minister Arun Jaitley had said 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.
According to the decision, the bank said, comes following concerns, both
globally and locally including from the RBI, cautioning the public regarding
the potential economic, financial, operational, legal, customer protection and
security related risks associated in dealing with bitcoins, crypto currencies
and virtual currencies. Furthermore Virtual currencies are stored in
digital/electronic format, making them vulnerable to hacking, loss of password
and malware attack which may also result in permanent loss of money.
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