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   288

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.

NSA Tracks BTC Users, Snowden Says

According to the documents from former NSA agent, BTC transaction monitoring is one of the main priorities of the agency
21 March 2018   218

The US National Security Agency monitors actions in the bitcoin blovkchain in order to identify users of crypto currency. This is reported by The Intercept, which received a set of documents from a former employee of the NSA Edward Snowden, according to which the monitoring of BTC transactions is one of the main priorities of the agency.

They also say that the work of the NSA in this direction may not be limited to analyzing the blockchain and include the detection of crypto users.

The published document indicates that the NSA has become more likely to collect passwords of bitcoin users, data about their activity on the Internet and the identity of their devices.

According to the report, the NSA monitors bitcoin users from 2013 through a program code-named OAKSTAR, as well as the MONKEYROCKET program, which is the OAKSTAR project. The data collected over the years can allow the NSA to accurately identify participants in crypto-currency transactions.

For information on bitcoin users, the NSA can use XKeyScore, a powerful system for monitoring Internet activity, which became known in 2013, when Snowden revealed information about the surveillance of the NSA.

The document says that the information collected by the Agency is stored in the file "Provider user full.csv", and details of identification of time stamps and Internet addresses of users for the purpose of determining their location are given.