SBI does not ban cryptocurrency purchase with its credit cards

But at the same time, the bank warns about potential risks of such action in an official statement
21 February 2018   829

Second largest credit card issuer in India, SBI, has made an official statement concerning the operations with the virtual currencies. The statement warns the clients of the bank of the potential financial risks involved with the purchase of any virtual currency. SBI with a client base of approximately 5 million people didn’t take extreme measures, such as Citi Bank in India.

Given concerns, both globally and locally, SBI Card would like to advise you to be mindful of potential economic, financial, operational, legal, customer protection and security related risks associated in dealing with crypto-currencies and virtual currencies

 

SBI Notice quotation

Further, in the notice it says that Reserve Bank of India issued a set of recommendations and guidelines to financial institutions and public with an emphasis that no entity in India was given a permission or any kind of legislation to provide services dealing with cryptocurrencies and the respective schemes.

The government does not consider crypto-currencies legal tender or coin and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system.

 

Arun Jaitley

Finance Minister of India

India’s government is trying to formulate a regulatory basis for a still shadow area of virtual currencies.

We have actually decided which regulator will do what and the committee should come out with the regulations very quickly.

 

Ajay Tyagi

The Chairman of the Department of Economic Affairs

Most Crypto to Fail, Digital Currency Group CEO Says

Barry SIlbert believes Bitcoin is a king and when the mood among major investors changes, BTC is waiting for serious and aggressive growth
14 February 2019   240

Barry Silbert, head of Digital Currency Group, continues to believe in Bitcoin’s great future, but questions the long-term prospects of most existing cryptocurrencies and digital tokens, saying in an interview with CNBC that they will all be worthless in the future.

I'm not a believer in the vast majority of digital tokens and believe most will go to zero. Almost every ICO was just an attempt to raise money but there was no use for the underlying token. The vast majority of what's out there will be eliminated.
 

Barry Silbert

Head, Digital Currency Group

At the same time, Barry Silbert is convinced that Bitcoin, despite the current “terrible schedule”, enjoys great interest from institutional investors and “won the fight for the title of digital gold”.

According to him, the new generation of investors no longer sees gold as a “safe haven”, and the money that is now in gold will be converted into cryptocurrency.

I'm convinced that whatever money is in gold is not going to stay in gold. That gets handed down to millennials. I'm highly confident a lot of that will go into bitcoin.
 

Barry Silbert

Head, Digital Currency Group

Barry Silbert believes that the buy and hold strategy is fully justified, although it is still difficult to say exactly when large institutional money will go into Bitcoin. Nevertheless, he noted, at the beginning of 2019, all the necessary infrastructure was already in place, listed the upcoming launch of the Fidelity custodial solution and investment opportunities such as the Bitcoin futures platform Bakkt.

When the mood among major investors changes, Bitcoin is waiting for serious and aggressive growth, Silbert added.