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   638

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

Fidelity Investments to Launch BTC & ETH Platform

New platform is designed for institutional investors
16 October 2018   195

One of the world's largest asset managers, Fidelity Investments, announced the launch of a unit focused on providing institutional investors with Bitcoin and Ethereum services. The Forbes reports.

The new division received the name Fidelity Digital Assets and, possessing a staff of 100 employees, will provide a platform for trading cryptocurrencies and consulting services 24/7.

The platform already has first customers, but its launch for a wider range of investors is scheduled for the beginning of 2019.

This is a recognition that there is institutional demand for these assets as a class. Family offices, hedge funds, other sophisticated investors are starting to think seriously about this space.
 

Tom Jessop

Founding head, Fidelity Digital Assets

In particular, Fidelity Digital Assets will offer a transaction service that, using internal cross-connect and order routers, will trade through third-party liquidity providers.

One of the most popular offers by the company can also be a service for storing Bitcoin and other cryptocurrencies. It is physical storage, distributed in different geographical locations and offering the so-called "cold" storage of digital assets. This way of storing cryptocurrencies without access to the Internet and with a multi-level control system is considered to be one of the safest and most resistant to hacking today.

As the CEO of Fidelity Investments, Abigail Johnson, said, the goal of the new platform is to make digital assets like Bitcoin more accessible to investors.

Fidelity Investments is considered the fifth largest asset manager in the world, offering investment and custody services to 13,000 consulting firms and brokers. In total, the company manages assets worth $ 7.2 trillion.