Most banks and financial institutions don’t take kindly to Bitcoin. Especially when it comes to payment card purchases. the situation has become very volatile. SBI is one of the few companies remaining open-minded in this regard. They did issue a notice to their clients, but card purchases will not be prohibited.
It is somewhat surprising to see a bank not turn against Bitcoin these days. SBI Card is looking to make a positive impact in this regard. Unlike other counterparts around the world, this bank will not prevent clients from buying Bitcoin. While they do warn users about the risks of cryptocurrency, purchases will simply remain available. This comes at a rather interesting time for the Bitcoin industry as a whole.
SBI Card Warns About Cryptocurrencies
More specifically, Citi India prevents users from buying Bitcoin with a debit or credit card. It was expected SBI Card would do the exact same. However, they are taking an entirely different direction. Whether or not this makes a positive impact on the industry, remains to be seen. They have over 5 million clients, although it is unclear how many are interested in cryptocurrency.
One also has to keep in mind the Indian government is still working on Bitcoin regulation. Depending on how that plays out, the decision by SBI Card may not even matter in the end. It remains anyone’s guess as to when the regulation will be put in place. This was expected to happen in late January but that deadline could not be met. Taking longer may hint at a more positive regulatory touch.
In the end, it is good to see SBI Card remain open-minded toward Bitcoin. Banning this type of purchase is not in their best interest. So far, they seem to acknowledge exactly that, although things can still change. Local traders have also begun to explore international options. Buying cryptocurrency in other countries is still possible, for the most part. It is a very troublesome situation overall, though. Using payment cards to buy Bitcoin simply makes a lot of sense.
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