SBI baning customer from purchasing cryptocurrencies

[Jewel2895]

 Will SBI Card soon ban customers from purchasing cryptocurrencies?

[sheetal_9811]

WHY?

[Blackshadow007]

NO there is no Notice of official announcement from SBI end about this so stop making these useless posts and false rumor .

[reliable]

NO there is no Notice of official announcement from SBI end about this so stop making these useless posts and false rumor .

Last I heard was that SBI has given a cautionary warning to its credit card customers regarding the bitcoin trading. This might even soon be implemented to its banks customers as well. Some of the banks has already started to discourage the bitcoin payment happening form their bank account. Also this days few of the Indian exchanges have also stopped their previous banking partner and opened new bank account in another banks which might be still supporting it or not issued any warning.

[nshadab]

from where you got this question? if it's a self-made.... then it's ok, and the answer is: NO.

Otherwise kindly update the thread with proper link/source

[mhsingh]

I got a legal notice from IT Department for keeping Crypto in wallet

[Blackshadow007]

NO there is no Notice of official announcement from SBI end about this so stop making these useless posts and false rumor .

Last I heard was that SBI has given a cautionary warning to its credit card customers regarding the bitcoin trading. This might even soon be implemented to its banks customers as well. Some of the banks has already started to discourage the bitcoin payment happening form their bank account. Also this days few of the Indian exchanges have also stopped their previous banking partner and opened new bank account in another banks which might be still supporting it or not issued any warning.

You need to understand CREDIT CARD = Bank's money and they has complete right to put rules for their money , No bank can block any user's funds wherever they want to invest so stop spreading false rumor , i am using SBI over 10 years and never receive any notice or such .

[Blackshadow007]

I got a legal notice from IT Department for keeping Crypto in wallet

Well you didn't paid tax ? and what notice came to you can you share ?

[khelan]

I got a legal notice from IT Department for keeping Crypto in wallet

which notice?? how they know that you hold crypto in your private wallet? if it is about exchange then there is possibility of information leak but IT department give you notice only if you didn't pay tax to government.

Will SBI Card soon ban customers from purchasing cryptocurrencies?

its going to happen as too many scams are happening in banks. they are afraid of crypto. as crypto can be replace banks so they are opposing the change. and try to dump crypto technology.

[bitcoinisbest]

I got a legal notice from IT Department for keeping Crypto in wallet

which notice?? how they know that you hold crypto in your private wallet? if it is about exchange then there is possibility of information leak but IT department give you notice only if you didn't pay tax to government.

Will SBI Card soon ban customers from purchasing cryptocurrencies?

its going to happen as too many scams are happening in banks. they are afraid of crypto. as crypto can be replace banks so they are opposing the change. and try to dump crypto technology.

It seems to be an Indian exchange where govt has taken the data form all exchanges and which revealed that he had being holding a bigger qty than what he has filing the returns till now or may be even not filling it and thus he has to answer it to the govt.

[ragavancoin]

I think I am using my SBI bank account to buy or sell the Bitcoin at localbitcoins but way you want to buy thru your SBI card you can use imps or net banking and one more thing I did not buy the Bitcoins thru with any cards.

[varun bee]

SBI doesn't allow direct purchase of crypto currencies on exchanges anyways, its always done through some 3rd party (Zebpay, unocoin etc) so i don't know why the FUD arises, finance minister already said in parliamentary speech that government will explore the blockchain technology to use it in main stream so i don't think there is going to be any sort of that rash decision in coming future but we can't completely ignore the threat crypto poses to fiat so in retaliation PSU banks may ban it but the chances of it happening are very minimal. the very soul of crypto currency is to challenge banking sector so the probability always remains.

[apoorvlathey]

I got a legal notice from IT Department for keeping Crypto in wallet

Care to share any proofs ?
As government has declared that virtual currencies are not legal tender, so they don't have the right to question you just on the basis that you have cryptocurrencies in your wallet. Also, how can they know all the addresses of your wallet ??
The paying of taxes is only involved when you are converting crypto to fiat(rupees) not for just holding.