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

IANS  |  New Delhi 

has disallowed its customers from buying Bitcoins, and virtual currencies through the bank's credit, and

In a circular to the customers, it said: "You may be aware of the increasing global apprehensions regarding Bitcoins, and virtual currencies. The 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 Credit, and towards purchase or trading of such Bitcoins, and virtual currencies, on merchants suspected to be dealing in crypto-currency or or both," the circular added.

Earlier in mid-February, had banned its customers from buying cryptocurrencies using credit and 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 towards purchase or trading of such bitcoins, cryptocurrencies and virtual currencies."

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, March 13 2018. 19:28 IST
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