Greetings
Over the years i have seen lots of news , fake news , articles , sites and everything possible
related to crypto.
Today morning i was really baffled to see article in TIMES OF INDIA RELATED TO CRYPTOCURRENCY
HOW COME WE CAN STOP BUYING BITCOIN FROM CREDIT CARD AND DEBIT CARDS IN ASIA - INDIA
SHALL I WORRY ?
WHY THE BANKS ALWAYS DO THIS ?
HERE IS THE ARTICLE AS FOLLOWS
CITI BANNED BITCOIN BUYS VIA CREDIT CARD GLOBALLY ~
ACCORDING TO THE REPORT'S
JP MORGAN CHASE , BANK OF AMERICA AND CITI had globally decided to disallow the use of debit cards, too.
Although JPMorgan And Bank of America have a presence in India, ther are not allowed into retail banking and do not issue cards here.
While the payment companies Visa and Mastercard had not blocked cryptocurrency payments , they continue to maintain a cautious approach. A Visa spokesperson said
"Visa allows credit , debit and certain prepaid Visa products to be used to purchaase cryptocurrency , provided sych transactions are legal in both buyer's and seller's
jurisdictions.
Issuers make authorisation decisions and apply their own risk policies when evaluating each authorisation request."
Earlier banks had said purchse of cryptocurrency fell in grey area.While Indians are allowed to make cross bordor purchases, these are restricted for forex trading or for speculation.
A Mastercard india spokesperson said that the company has not disallowed bitcoin purchases but there has been a modification in the tranaction modality.
According to the reports, Mastercard has decided to classify customers' cryptocurrency purchases as "cash advances" which attract an immediate fee and interest charges and , unlike purchase of goods, there is no interest-free period.