HDFC Bank Discontinues Card Services to Buy or Trade in Cryptocurrencies

Written By:
Subscribe to GoodReturns
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    HDFC Bank Ltd, one of India's largest private sector lenders, has sent an official email to all its customers informing the discontinuation of the use of cards for purchase or trading of virtual currencies.

    HDFC Bank Discontinues Card Services to Buy or Trade in Cryptocurrencies

    The email said, "To ensure our customer's security, we have decided to not permit usage of HDFC Bank Credit, Debit and Prepaid Cards towards purchase or trading of such Bitcoins, Cryptocurrencies and virtual currencies, on merchants suspected to be dealing in crypto-currency or online foreign exchange trading or both."

    The decision comes after the Reserve Bank of India's various warnings on the risks associated with cryptocurrencies. The email stated "increasing global apprehensions" and RBI cautions regarding "potential economic, operational, legal and security related risks" with such transactions.

    Earlier this year, banks had reportedly stopped or delayed processing deposits and withdrawals in dedicated bitcoin exchanges. Just a month ago, Citi Bank and JP Morgan sent a similar email to all its customers informing the discontinuation of card services to buy or trade in cryptocurrencies.

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

    In his budget speech, Finance Minister Arun Jaitley said, "Government does not consider crypto-currencies legal tender or coins and will take all measures to eliminate the use of these crypto-assets in financing illegitimate activities or as part of the payment system."

    Read more about: hdfc cryptocurrency
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    Get Latest News alerts from Goodreturns

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more