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Citi Bank India has banned the acquirement of cryptocurrency application its debit or acclaim cards.

The Indian accessory of the bunch Citi accumulation a the accommodation in an e-mail beatific to all its cardholders Tuesday citation apropos bidding by the Reserve Bank over basic currencies.

“Given concerns, both globally and locally including from the Reserve Bank of India, admonishing associates of the accessible apropos the abeyant economic, financial, operational, legal, chump aegis and aegis accompanying risks associated in ambidextrous with bitcoins, cryptocurrencies and basic currencies, Citi India has absitively to not admittance acceptance of its acclaim and debit cards appear acquirement or trading of such bitcoins, cryptocurrencies and basic currencies”.

Citi Bank now joins the ranks of Bank of America, JP Morgan and Lloyds that chock-full their barter from application acclaim or debit cards for the cryptocurrency business.

It comes canicule afterwards Facebook banned cryptocurrency-related advertisements on its platform, and India’s Finance Minister adage at his account accent that bitcoin is not acknowledged tender.

The ban on Cryptocurrency acquirement via acclaim and debit cards will be a above setback for Indian cryptocurrency market, letters say.

Bitcoin absent its amount by added than 4 percent in trading Tuesday. Afterwards aperture at $8925, it fell as low as $8370.

After coast beneath $6,000 aftermost week, the best accepted crypto bill has been assuming break of a recovery.

For comments and acknowledgment contact: editorial@rttnews.com

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