HDFC Bank blocks Cryptocurrency trading on its debit and credit cards

Started by Sudhakar, Mar 16, 2018, 10:05 AM

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HDFC Bank blocks Cryptocurrency trading on its debit and credit cards

It looks like that finally banks are acting on multiple warnings issues time and again by RBI and Finance Ministry.

HDFC Bank blocked all its cards from being used to purchase cryptocurrencies following the regulatory warnings.

"We have decided to not permit use of HDFC Bank credit, debit and prepaid cards towards purchase or trading of bitcoins, cryptocurrencies and virtual currencies, on merchants suspected to be dealing in crypto-currency or online foreign exchange trading or both," the bank said.

In a memo to its customers, the bank said there are "increasing global apprehensions" regarding such investments and trading & RBI has also cautioned regarding the potential economic, operational, legal and security related risks associated in dealing with such currencies.

In the budget speech earlier this year, Finance Minister Mr. Arun Jaitley had cleared the positioning that his government took and had said crypticurrency investments and trading were illegal and had promised to take action at the earliest.

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