{"id":31323,"date":"2018-10-27T13:09:12","date_gmt":"2018-10-27T07:39:12","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=31323"},"modified":"2018-10-27T13:09:12","modified_gmt":"2018-10-27T07:39:12","slug":"citi-india-prohibits-use-of-its-cards-to-buy-bitcoins","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/citi-india-prohibits-use-of-its-cards-to-buy-bitcoins\/","title":{"rendered":"Citi India prohibits use of its cards to buy bitcoins"},"content":{"rendered":"<p><a href=\"http:\/\/www.thehindu.com\/business\/Industry\/citi-india-prohibits-use-of-its-cards-to-buy-bitcoins\/article22744810.ece\"><b>Citi India prohibits use of its cards to buy bitcoins<\/b><\/a><\/p>\n<p><b>Context:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Citi India announced its customers cannot use its credit and debit cards to purchase or trade in cryptocurrencies.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The lender has informed its customers about the decision. <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">This is the first instance that a bank in India has taken such a step.<\/span><\/li>\n<\/ul>\n<p><b>Rationale behind this decision:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The move is in line with Citigroup\u2019s global policy that has barred usage of cards for purchase of and trade in cryptocurrencies.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">To protect customers<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">To deal with security related risks associated with bitcoins.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Recently, the banking regulator had voiced concerns over virtual currencies and had not given any licence or authorisation to any entity or company to operate trading platforms or deal in bitcoins or any virtual currency.<\/span><\/li>\n<\/ul>\n<p><b>Bitcoins:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Bitcoin is a cryptocurrency and worldwide payment system.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">It is the first decentralized digital currency, as the system works without a central bank or single administrator.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The network is peer-to-peer and transactions take place between users directly, without an intermediary.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">These transactions are verified by network nodes through the use of cryptography and recorded in a public distributed ledger called a blockchain.<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Citi India prohibits use of its cards to buy bitcoins Context: Citi India announced its customers cannot use its credit and debit cards to purchase or trade in cryptocurrencies. The lender has informed its customers about the decision. This is the first instance that a bank in India has taken such a step. Rationale behind&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/citi-india-prohibits-use-of-its-cards-to-buy-bitcoins\/\">Continue reading <span class=\"screen-reader-text\">Citi India prohibits use of its cards to buy bitcoins<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[555],"tags":[],"class_list":["post-31323","post","type-post","status-publish","format-standard","hentry","category-test-1","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704796627},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/31323","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=31323"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/31323\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=31323"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=31323"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=31323"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}