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.
Is Modi Government ready to face first No Trust Motion be held tomorrow? As per report from New Delhi from Monsoon Parliament session which began from yesterday, after evading the discussion and debate on the No-Confidence Motion in the last session of the Parliament, finally BJP led NDA is gearing up to face its first ever No-Trust Motion. Meanwhile the Speaker has notified that the discussion on the No-Confidence Motion moved by Telugu Desam Party will take place on Friday (July 20), Modi & Co is getting prepared for the crucial debate.
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