Firstly It's Citibank India, not the whole of the Citibank group.
Here's an article on the actual story: https://cointelegraph.com/news/citibank-india-bans-both-credit-and-debit-cards-for-crypto-purchases-cites-risks
The only unusual thing about this is the debit card part of it, many banks are banning transactions on credit cards as they fear that users will not be able to pay off their debts if cryptocurrencies go bust and also that cryptocurrencies can be easily used for fraudulent activities.
Here's an article on the actual story: https://cointelegraph.com/news/citibank-india-bans-both-credit-and-debit-cards-for-crypto-purchases-cites-risks
The only unusual thing about this is the debit card part of it, many banks are banning transactions on credit cards as they fear that users will not be able to pay off their debts if cryptocurrencies go bust and also that cryptocurrencies can be easily used for fraudulent activities.
everything about bans like this are strange, specially credit cards not debit cards ban because the debt is one of the biggest revenues of banks!! and why would a bank cut their own revenue if not for some other hidden reasons?
and when it comes to India, they have been scared of bitcoin for over a year now and it seems like the more their government panics about bitcoin the more people are going to buy it!
