You are here: Home » PF » News » Others
Business Standard

Why has Citibank banned use of cards to purchase cryptocurrencies?

In December, the finance ministry had likened virtual currencies to Ponzi schemes. The Reserve Bank of India, too, has issued repeated warnings

Business Standard 

bitcoin, cryptocurrency

Why has banned use of cards to buy recently told its customers through an email message that its and can't be used to purchase The caution may be attributed to the recent statement by the finance minister in his Budget speech that the government will take measures to eliminate the use of crypto assets in financing illegitimate activities or from being part of the payment system.

In December, the finance ministry had likened virtual currencies to The Reserve Bank of India, too, has issued repeated warnings. What should you do? In the light of all these warnings, risk-averse should sell their cryptocurrency holdings. Those who have greater risk appetite may hold on to them, but should not add to their holdings.

First Published: Thu, February 15 2018. 00:49 IST
RECOMMENDED FOR YOU