Citibank has notified their debit and credit card holders in India via email that they would no longer be able to buy or trade cryptocurrency.
Citibank India to their users via email:
“Given concernsboth 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.”
Even other Banks have dropped crypto trading!
Already HDFC, SBI, Axis and ICICI Banks in India pulled their support of Bitcoin and crypto trading for their customers. Even Kotak Mahindra Bank has dropped Crypto trading for their users. The bank warned any type of crypto activity noticed on accounts would be immediate grounds for closure.
Last week during Budget session Indian FM warned that The Government does not consider cryptocurrencies legal tender or coin. And it will take all measures to eliminate the use of these crypto-assets in financing illegitimate activities or as part of the payment system. Looks like this is the reason Citi Bank has also dropped crypto trading for their users.