Days after Citibank’s ban, arrived SBI’s regulated ban on the use of their debit and credit cards for Crypto transactions. SBI cards shall soon turn invalid in Cryptocurrency trading. Moreover, , the authorities of the State Bank Of India, has also been going through consistent sessions with Visa and Mastercard to prohibit such trading. Hardaway Prasad, the Chief Executive Officer of SBI Card, stated that with Increasing pressure from the Government regarding Crypto-ban, , they are diligently placing their efforts to prevent the use of SBI cards for Cryptocurrency transactions. A few days ago, Citibank notified it’s users, through mails, that repetitive warnings from the RBI, has made them settle on banning their cards for buying virtual currencies. RBI has uniformly notified the banks , to put a restrain on the use of cards for exchanges involved in Cryptocurrency trading. Putting the security and privacy of the Indian Users on the upper hand, RBI has come to such decision-making. Most banks have been asked to invest proper tools of comprehension, on how the Cryptocurrency trading works. Regular notifications, to not deal in virtual money has also been regulated by the RBI. Arun Jaitley, Indian Finance Minister, has clearly mentioned in his Budget 2018 speech, that the government doesn’t approve of virtual currencies as a legal tender and all possible ways of elimination will be forced in the system, to check and control illegitimate activities. However, Cryptocurrencies has not been not been declared illegal, so the government as well as the interested investors are in a conscious deadlock. It is not just Indian Government, found taking such cautionary actions but all leading global banks and regulatory bodies are incessantly warning and speculating virtual currency world. With increasing market volatility for the Cryptocurrencies, has risen an increasing awareness of any illegalities, hampering the standards and legal orders. After the big world banks such as Bank of America, JP Morgan Chase and the Lloyds’ stance on banning Crypto transactions, Indian banks’ steps to ban the cryptocurrency trading was clearly seen, as a soon-to-come scenario.
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