Topic: Now HDFCS bank bans its credit card for trading bitcoin and other crypto (Read 146 times)

Indian government haven't declared yet is Bitcoin illegal or legal, first the government should give clear decision on bitcoin. We haven't got the clear decision yet then why banks are not allowing to deal with cryptocurrecy . I heard about ICICI then KOTAK now HDFC, if banks will not allow to deal Bitcoin and cryptocurrecy than indian people's are smart in making JUGAD and will deal Bitcoin and cryptocurrecy in another way. We are all educated people we should unite and make our view to government to make Bitcoin and cryptocurrecy legal in India. India should not be late in adapting new technology else we will go behind in the race of adapting new technology.

All banks sent warning notice nt to send money using credit card to buy crypto so in overall bank fear started in most of the banks

More and more will join the race of ban, One of my friend from America told me that Purchasing Bitcoin from Credit Card is banned there too, well it's expected here then.

Received a message from ICICI too, so it's finally going on.

all banks banning bitcoin in india buts credit card company banning for international platform nt to buy

I think these restrictions will continue to increase for people who want to delve into cryptocurrency. The main reason being that a very very tiny percentage of the Indian crowd is actually interested in the potential for financial freedom that using something like bitcoin entails.

Most of the people who have the real deep pockets are in it for speculative gains only. They don't mind losing that money. Instead, if they were willing to invest because of the underlying reasons of loosening bank monopolies, we could see some improvement in the situation.

HDFC Bank is foremost amongst the blood-suckers who will suck you dry with their pathetic returns, credit card charges and arrogant customer support once you have fallen for the trap. They tell you which investments are right or wrong and slowly trickle off your gains and give back crumbs to the small investor.

Of course you will be better off if you DYOR before investing with them. The fact is that of the millions of customers they have, very few are financially savvy enough to choose for themselves. No wonder they don't want the majority to divert funds into bitcoin rather than their stupid schemes or simply keep it in the banks.
Banks are the ones poised to lose the most if you take out your savings and put them somewhere they can't document and keep a record of in their asset/ liability books.

For the time being, the hype has died down considerably. We can really look forward to OTC exchanges of bitcoin for cash. A small economy between the people for real that does not depend on KYC and such banking bottlenecks.

HDFCS[1] bank informed its customers about banning the purchase and or trade of bitcoin and other cryptocurrency using its credit card. As per communication:

"We have decided to not permit use of HDFC Bank credit, debit and prepaid cards towards purchase or trading of bitcoins, cryptocurrencies and virtual currencies, on merchants suspected to be dealing in crypto-currency or online foreign exchange trading or both," the bank 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," he had said.
 

[1] https://economictimes.indiatimes.com/industry/banking/finance/banking/hdfc-bank-blocks-all-its-cards-to-buy/trade-cryptocurrencies/articleshow/63290070.cms

http://www.livemint.com/Industry/w6hbySinYCSUUURkrasUCL/HDFC-Bank-blocks-all-its-cards-to-buy-trade-cryptocurrencie.html