Citibank announced it is barring its customers from using debit or credit cards for buying bitcoins or other cryptocurrencies. JPMorgan Chase and Bank of America too have stopped their customers from using credit or debit cards for doing cryptocurrency business. The decision comes in the light of the Reserve Bank of India highlighting certain risks associated with the use of virtual or cryptocurrencies. RBI had said those investing in such virtual currencies are exposing themselves to potential financial, operational, legal, customer protection and security related risks. Globally, Citibank has taken several measures to avoid any kind of exigency arising due to use of credit or debit cards for buying bitcoins. It has extended these measures to customers in India.
