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.
After Queen, Prince Charles the next Head of Commonwealth According to sources this decision was made by leaders during a retreat at Windsor Castle on Friday afternoon. Meanwhile Commonwealth leaders said in a statement that "They recognize the role of the queen in championing the Commonwealth and its peoples and the next head of the Commonwealth shall be His Royal Highness Prince Charles, the Prince of Wales."
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