Latest news is that anybody would like to purchase bitcoin or trade in SBI Virtual Currencies or cryptocurrency is not recommended. Also, it has cautioned its customers not to use sbi credit card and debit card for purchasing bitcoins anymore. Recently, citi bank has stopped usage of credit and debit cards by its customers to purchase bitcoins and trade in cryptocurrencies of any kind. Now sbi has taken this bold step in order to keep their customers safe from any fraud or misuse of the card by hackers. It is at high risk of getting malware kind of attacks etc.
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SBI Virtual Currencies Bitcoin & Ripple
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Once your card details are stolen online, your money is gone simply. So, you are better not to use your sbi credit card and sbi debit card for the purchase of bitcoins across the world. Now a day’s purchasing cryptocurrency became the passion and many of the people across the world and in India are very much attracted towards purchasing and trading in bitcoins. The biggest currency as of now is bitcoin. It has been raised its value to 16 lakh recently and now it is stable at 6 lakh rupee per 1 bitcoin. The other coins are ripple and the other is one coin introduced by China recently. All the people who are interested in trading in share markets and commodity market in order to make money out of it, they are all got attracted in this cryptocurrency.
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Ripple SBI Bank
Many of the Indian citizens recently purchased 1000’s of bitcoins and make huge money in return. People are making Lakh and crores of rupees. The broker agencies also have been opened their offices only to trade in this cryptocurrency. To avoid tax issues and GST bills, the broker agencies attracted the small investors to deposit money with them; they will return the money according to the bitcoin value based on the market rates. People got trapped in these kinds of SBI Virtual Currencies and broker agencies and losing money unnecessarily. Many of the people making huge money and not showing their earnings in the real earnings and not paying taxes according to the Indian tax rates and slabs.
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State Bank of India Virtual Currencies
So please take care of what the Indian government, income tax department, enforcement directorate, reserve bank of India says about the bitcoin and cryptocurrency. All of them are saying that one must not use any card transactions in order to purchase the coins online. If you do that, you are at high risk of losing your money or theft your account. So, do not use sbi card to do these transactions. Citi bank has already been announced in February first week 2018 about this same issue. It strictly warned its customers not to use the card to do the same. Now it is the turn of SBIO bank. It has been sending messages to the customers.
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Arun Jaitley in the parliament budget sessions announced that investing in cryptocurrency is not a legal trade. It clearly indicates that you should not depend on the investments on crypto coins.