News

Be aware of all developments relating to cryptocurrency, track trends and rates ups and downs, learn all about Mining and complexities of the Bitcoin system and be sure you will be aware of the most urgent and important news of World Mining company.
"The World - that is, information that grows over time."
"He who owns the information, owns the world."

Citibank India to Not Permit Card Customers Purchasing or Trading Crypto

Citibank India to Not Permit Card Customers Purchasing or Trading CryptoCitibank India notified debit card and credit card clients via email on the 13:th of February they would no longer be able to participate in cryptocurrencies such as bitcoin. Citing regional and global concerns from regulators, the over a century old institution is following a growing number of traditional banks in cutting off access to the decentralized currency.   Also read: Internet Pioneer Who Influenced Assange & Snowden Dead at 70

Citibank India Bans Bitcoin

“Given concerns,” Citibank India informed its customers in an email Tuesday, “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.” Bank of America, Lloyds Banking Group, JP Morgan Chase have also forbade cryptocurrency purchase for their customers, though they haven’t a retail presence in India. Recently, Visa pulled its European support for crypto, and Mastercard has elected to treat crypto purchases as cash advances. Citibank India has been around since 1902, and is counted among the largest foreign investors while operating over thirty brick and mortar outlets and over 500 automatic teller machines in the region. Among the top five cards, it is the only multinational bank.   Citibank India to Not Permit Card Customers Purchasing or Trading Crypto Last month, banks in India such as HDFC, Axis, Yes Bank, SBI, and ICICI Bank pulled their support of bitcoin and crypto exchanges for customers. Combined with Arun Jaitley, Indian Finance Minister, delivering a budget speech where it was reiterated cryptocurrencies will not be recognized as legal tender, and it’s easy to see why Citibank India might’ve been spooked. Mr. Jaitley warned, “The Government does not consider cryptocurrencies 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.” Citibank India Bans Bitcoin

Kotak Mahindra Bank Drops Bitcoin as Well

Kotak Mahindra Bank has also announced it will not allow its customers to dabble in crypto. It has over a thousand branches in India, with over two thousand ATMs, making it the fourth largest bank in the country. The bank warned any type of crypto activity noticed on accounts would be immediate grounds for closure. What do you think of Citibank India’s move? Let us know in the comments section below.
Images courtesy of Pixabay.
Need to calculate your bitcoin holdings? Check our tools section. The post Citibank India to Not Permit Card Customers Purchasing or Trading Crypto appeared first on Bitcoin News.

Coinbase Acquires Decentralized ERC-20 Trading Platform Paradex
Coinbase Acquires Decentralized ERC-20 Trading Platform Paradex

On Wednesday, May 23 the San Francisco based exchange Coinbase announced the acquisition of a decentralized digital token relay-trading platform called Paradex. Alongside adding the decentralized exchange (Dex), the firm has also revealed it is retiring the name GDAX and that platform will soon be k...

24.05.2018, 10:40Read more
PR: Energi Mine Adds to Ecosystem of Energy Saving Partners with Simply EV Partnership
PR: Energi Mine Adds to Ecosystem of Energy Saving Partners with Simply EV Partnership

Partnership announced in same week as Energi Mine launches promotion with OKEx, the world’s biggest exchange London – Energi Mine, the blockchain platform that financially rewards energy saving behaviour using EnergiTokens (ETK), and Simply EV, a leading provider of EV accessories today, announced a...

24.05.2018, 09:30Read more
Russian Duma Adopts Three Crypto Bills on First Reading
Russian Duma Adopts Three Crypto Bills on First Reading

Russian State Duma has approved its first reading of the long-awaited legislation package regulating crypto-related matters and activities. The legal texts, voted almost unanimously, will open the way for legalization of cryptocurrencies in the Russian Federation, including their exchange and circul...

24.05.2018, 08:40Read more
BountyCryptocurrencies
Video Webinars