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HDFC Bank bans use of its cards for trading in cryptocurrencies

HDFC Bank has disallowed its cardholders from using the cars for buying or trading in cryptocurrencies. The bank said it has decided to not permit use of its credit, debit and prepaid cards towards purchase or trading of bitcoins, cryptocurrencies and virtual currencies, on merchants suspected to be dealing in crypto-currency or online foreign exchange trading or both. The bank has sent a communication to its customers, stating there are increasing global apprehensions regarding such instruments and the Reserve Bank of India has also cautioned regarding the potential economic, operational, legal and security related risks associated in dealing with such currencies.

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