Citibank India Bans Both Credit And Debit Cards For Crypto Purchases, Cites ‘Risks’

Bitcoin in India

Citibank India is the most recent real bank to restrict its clients from utilizing Mastercards for acquiring digital forms of money, however it has made the measure one stride encourage by forbidding the utilization of platinum cards for crypto buys too, Quartz India reports today, Feb. 14.

Quartz India composed today that it by and by looked into an email from Citibank India sent to clients on Feb. 13 that said the accompanying:

Given concerns, both globally and locally, including from the Reserve Bank of India, cautioning members of the public regarding the potential economic, financial, operational, legal, customer protection, and security-related risks associated in dealing with bitcoins, cryptocurrencies, and virtual currencies, Citi India has decided to not permit usage of its credit and debit cards towards purchase or trading of such bitcoins, cryptocurrencies and virtual currencies.

Citibank India is a backup of Citigroup, which is a multinational venture keeping money and monetary administrations enterprise that had prohibited all Visa buys of crypto a week ago. Citigroup’s boycott came nearby that of J.P. Morgan Chase and Bank of America, and was trailed with charge card bans by the two Lloyds Banking Group and Virgin Money.

The Indian government has been uncertain about its position on Bitcoin (BTC) and different digital forms of money. The Minister of Finance calling Bitcoin a “Ponzi plot” in Dec. 2017, yet Indian banks likewise acting decidedly towards Blockchain innovation.

In mid-January, numerous Indian banks suspended or shut the records of crypto trades, refering to a hazard for “questionable exchanges”. On Feb. 1, distortion of the Indian Finance Minister’s administrative remarks as an aggregate crypto boycott cut crypto advertises down comprehensively.


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