HDFC Bank and Citi Bank have sent out notifications informing their customers that they have barred the use of their credit, debit and prepaid cards for the purchase or trade of cryptocurrencies like Bitcoins. The notes mention that the step has been taken due to increasing global apprehensions and the RBI cautioning the public regarding the financial, legal and security-related risks associated with cryptocurrency trading. [caption id="attachment_182072" align="aligncenter" width="550"] Screengrab of the note sent out by HDFC Bank[/caption] Government and RBI on cryptocurrencies so far... During his Budget speech in parliament last month, Finance Minister Arun Jaitley said that the government currently does not consider cryptocurrencies as legal tender and said that the government will take all measures to eliminate the use of crypto assets in the payment system. Before that in December 2017, the ministry of finance had issued a warning…
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