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HDFC Blocks Credit, Debit Cards for Bitcoin Trading
March 15, 2018
Private sector HDFC Bank said that it has blocked all the credit, debit, and prepaid cards that it believes are being used for trading of bitcoins and other types of virtual currencies.
The bank cited “increasing global apprehensions” as the reason behind the ban. However, the move has also a lot to do with the cautions promoted by the Reserve Bank of India over the use of cryptocurrencies as it said they raise several economic and legal risks. In fact, in the 2018 budget presentation, finance minister Arun Jaitley had clarified that the government considers cryptocurrencies illegal and will take measures to ban their use.
