Indian credit cards, SBI has warned customers against buying cryptocurrency

SBI Cards&Payments Services is the second largest Issuer of credit cards in India — warned
customers about the risks associated with cryptocurrencies. Despite the warning, the company has not banned its customers to buy bitcoin and other virtual currencies using a credit card issued by SBI.

SBI Card has also attempted to maintain the position of the Reserve Bank of India and stated that the government did not give any recommendations and authorizations work any companies with schemes cryptocurrency or virtual currency. This step was taken few weeks after the company Citi India has banned the use of their credit and debit cards to buy bitcoins and other cryptocurrencies.

In a statement, SBI said: «taking into account both global and local problems, SBI Card would like to remind you of the potential economic, financial, operational and legal risks associated with cryptocurrencies».

In customer base of SBI includes more than 5 million users, and the company is the second largest Issuer of credit cards in India after HDFC Bank Limited.

Several official representatives of the Indian authorities noted that the long-awaited regulation of the cryptocurrency in the country is developed in relevant institutions, and that in the near future these rules will come into force. The Chairman of the Department of economic Affairs Ajay Thrust (Ajay Tyagi) has recently declared that they have already considered many aspects of the new regulation, in particular, the areas of responsibility of various state agencies.

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