Citi Bank Won't Allow Use of Its Cards for Cryptocurrency Purchase

Multinational Citi Bank, which is among the top five issuers of card issuers in India sent an official email to all its cardholders today informing its decision to discontinue card facility to purchase cryptocurrency.

The email said,
"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 debit cards towards purchase or trading of such bitcoins, cryptocurrencies and virtual currencies."

This comes 10 days after J.P. Morgan Chase, Bank of America and Citigroup made an announcement to bar the purchase of cryptocurrency using credit cards internationally (as per a CNBC report).