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   487

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

HashFlare Users to Face Withdrawal Issues

Looks like Bitcoin cloud mining is not super profitable
18 July 2018   98

Users of HashFlare mining pool can't withdraw their funds, while their contracts are threatened with a temporary ban. Even lower restrictions on withdrawal of funds in the amount of 0.03 BTC caused problems for users, but the service raised the threshold to 0.05 BTC and 0.1 ETH . This is reported by Cryptovest.

In addition, financial pyramids are often promoted under the guise of mining contracts for cloud mining. For last few months, there was a big jump in mining difficulty of many cryptocurrencies, so, old contacts had become unprofitable.

As reported, the reason for the locked funds dates back further - at the beginning of June, so much hashing power was flowing into the Bitcoin network that contracts saw all the mined coins go toward their maintenance fee.

Currently, more and more users who have purchased contracts at earlier stages are facing the fact that they can not withdraw their funds. One of them managed to return the money spent through the bank card operator after filing a corresponding complaint.

To anybody that purchased a Hashflare cloud mining contract with a credit card, it might be possible to get a refund with that credit card as one of my followers tipped me. He bought his contracts at the end of 2017.

bccponzi at Twitter

The hash rate of bitcoin increased from 13 EHash / s at the beginning of the year to more than 40 EHash / s in recent months. The difficulty of mining in the present conditions depends on the circumstances of the specific miner. The cost of bitcoin mining for some of them is $ 4,400, while others spend about $ 5,800. However, in 2018, cloudy mining is called an even more dubious occupation than before, especially when it comes to mining bitcoin.