SBI Cards To Not Allow Its Cards For Crypto Transactions

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    After Citi Group invoked the ban on the use of its cards for transactions in cryptos including bitcoins, SBI Cards is likely to follow suit.

    SBI Cards To Not Allow Its Cards For Crypto Transactions

    MD & CEO of SBI cards said to a leading business daily, "Given the government and the Reserve Bank of India's (RBI) concern around cryptocurrencies, we are actively working on preventing use of our cards for transactions involving cryptocurrencies. We are in discussions with card networks, Visa and Mastercard, to ensure that such transactions are not cleared for processing on our cards. We are cognizant of the matter and are monitoring it regularly".

    The ban has been imposed after RBI raises concerns in relations to these digital currencies which have been fast gaining interest among investors.

    The regulation for these cryptocurrencies is likely around the corner as volatility and other risks are aimed to be checked.

    Also, some of the banks including the likes of HDFC, ICICI, Axis, Yes and SBI Bank in January 2018 had suspended accounts of leading bitcoin exchanges in the country.

    In the Union Budget 2018, Jaitley remarked that a call would be taken to regulate virtual currencies to prevent any illegal financing or financial transaction through the use of these cryptos.

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