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HDFC Bank bans clients from buying cryptocurrencies via its credit, debit cards

Tuesday - March 13, 2018 7:28 pm , Category : BUSINESS
 HDFC Bank bans clients from buying cryptocurrencies via its credit, debit cards
HDFC Bank bans clients from buying cryptocurrencies via its credit, debit cards

New Delhi March 13 (IANS) HDFC Bank has disallowed its customers from buying Bitcoins cryptocurrencies and virtual currencies through the bank s credit debit and prepaid cards.



In a circular to the HDFC Bank customers it said: "You may be aware of the increasing global apprehensions regarding Bitcoins cryptocurrencies and virtual currencies. The Reserve Bank of India has also cautioned the public regarding the potential economic operational legal and security related risks associated in dealing with such currencies."

"To ensure our customer s security we have decided to not permit usage of HDFC Bank Credit Debit and Prepaid Cards towards purchase or trading of such Bitcoins cryptocurrencies and virtual currencies on merchants suspected to be dealing in crypto-currency or online foreign exchange trading or both " the circular added.

Earlier in mid-February Citi Bank had banned its customers from buying cryptocurrencies using credit and debit cards.

It said in an email circular: "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."

--IANS
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