The SBI Card is to follow Citi Bank India in restricting cryptocurrency transactions by the use of credit and debit cards. The MD and CEO of the SBI Card, Hardayal Prasad said that they are working towards restricting their card usage for trading in cryptocurrencies considering the view of Indian government and the Reserve Bank of India. He disclosed that they are in talks with the Visa and Mastercard networks.
The Commonwealth Bank of Australia (CBA) barred cryptocurrency purchase by the use of credit cards. The Perth-based Bankwest would also curb crypto purchase through credit cards. The CBA claimed that the cryptocurrencies carry high instability and lack regulation. However, the bank had not imposed any restriction over crypto purchases through debit cards.
The head of the office for government policy coordination, Hong Nam-ki said the South Korean government is aiming to bring transparency to the domestic cryptocurrency exchange. He also stated that the government eyes on the strong execution of anti-money laundering activities rather than banning crypto trading.
The Thailand government would finalize on cryptocurrency regulations within a month. Apisak Tantivorawong, the Finance Minister reported, “The government will not ban cryptocurrency trading.”
The market capitalization of the cryptos had dropped by 40% on 6th February, since 26th November. Crypto trading made $400 billion in the last seven days with Bitcoin Cash, Lisk and Litecoin drawing more gains.
The Income Tax department issued 100,000 tax notices to the cryptocurrency investors. It stated that the investors had to disclose profits earned from crypto investments and pay taxes.
The Italian government is looking for opinions on the proposed cryptocurrency regulations. It states how the businesses that transact with cryptocurrencies will have to record their operations with the Ministry of Economics and Finance.
The Lloyds Banking Group revealed that the credit card customers would not be permitted to buy bitcoins using credit cards. The spokesperson of the company said, “We do not accept credit card transactions involving the purchase of cryptocurrencies.”
The Senate of Nigeria had commanded to investigate bitcoin trading in the country. The Senate President ordered a probe on the viability of bitcoin as a form of investment and recommend measures to control the trade.
Mark Carney, the Bank of England Governor claimed that the cryptocurrencies are used for money laundering and illegal activities. He ordered to inject more transparency in the cryptocurrency trading process.