Citibank India Bans Crypto Purchases on Both Credit and Debit Cards

Citibank India is the latest lender which is now tightening the squeeze  
14 February 2018   853

According to the email dated February 13, Citibank banned the opportunity to use debit and credit cards in order to buy cryptocurrencies.

The email stated that the Reserve Bank of India, cautioning members of the public regarding the potential economic, financial, operational, legal, customer protection, and security-related risks associated with dealing with bitcoins, cryptocurrencies, and virtual currencies, Citi India has decided to not permit use of its credit and debit cards towards purchase or trading of such  cryptocurrencies.

In India, Citibank banned cryptocurrency-related transactions both on credit and debit cards. By contrast, the US Citibank forbade customers from borrowing money only on credit cards for such purchases.

Consequently, this case of banned cryptocurrency-related transactions isn’t the first. Banks like Lloyds, JP Morgan Chase & Co, and Bank of America, too, forbidden customers from using credit cards issued by them to buy cryptocurrencies. More than that, India’s income-tax department has also issued notices to about 100,000 such investors, seeking to tax their profits.

Kraken to Add Bech32 Support for BTC and QTUM

Bech32 format corresponds to addresses that support sending transactions using SegWit scaling technology
08 November 2018   181

The popular American cryptocurrency exchange Kraken announced the long-awaited integration of Bech32 addresses for Bitcoin and QTUM.

To date, Bech32 addresses have been integrated only for withdrawal operations. Bech32 addresses start with “bc1” and “qc1” for bitcoin and QTUM, respectively. Support for Bech32 addresses for depositing operations will be implemented soon, the company promises.

The Bech32 format corresponds to addresses that support sending transactions using SegWit scaling technology, activated in the Bitcoin blockchain about a year ago. According to the transactionfee.info portal, by now the share of SegWit transactions in the Bitcoin blockchain has again dropped to 42%, after being briefly close to 50%.

Earlier, the Kraken exchange stated that it supported the launch of SegWit in the bitcoin blockchain and uses the Bech32 format to make transfers in its internal systems, but refused to provide customers with access to such addresses until the technology is integrated into large wallets such as Bitcoin Core. Release of Bitcoin Core 0.16.0 with support for SegWit was held in February of this year.

Get more info on Bech32 at GitHub.