The financial system in India continues to work on measures that alert investors to the risks that, for them, are hidden behind the cryptocurrency trade.

The SBI Cards & Payments Services Pvt. Ltd joins the entities in India that have alerted their clients and investors about the dangers that exist in the acquisition of bitcoins, as did the Central Bank of India and the Indian branch of CitiBank.

Despite the warning, the second credit card issuer in the Southeast Asian country did not want to issue a ban on the use and trade of its cards, as Citibank did. On February 15 it withdrew the possibility to their customers access cryptocurrencies using the bank's services, a measure that was also extended to their debit cards.

The position of the Central Bank of India has not been to support the cryptocurrency trade either, remember that for December of last year it issued its warning about the risks involved in the use of this technology, also emphasizing the Initial Currency Offers. (ICO).

THE SBI AGAINST BITCOINS COMMERCE?

Although the credit card company issued this alert, the truth is that SBI Holdings had already announced its intention to expand in the cryptocurrency market with the creation of six companies dedicated to this purpose.

The intention of the company was not only to venture into the bitcoin mining but also in the cryptocurrency exchange houses.

In this process, the SBI joined not only Wirex but also Ripple. The first one with the objective of creating an option for its Japanese customers to have a more significant opportunity to pay with cryptocurrencies and the second for the development of a platform for border payments in early 2016.

GOVERNMENT IN INDIA DOES NOT APPROVE COMMERCE OF CRYPTOCONEDES

Regarding the issue, the president of the Department of Economic Affairs of India, Ajay Tyagi, indicated that many aspects of the regulatory apparatus are already being developed, and stated:

"In fact, we have decided which regulator will do what and the committee should approve the regulations quickly." - Ajay Tyagi - President, Department of Economic Affairs

A position that is also supported by the Finance Minister, Arun Jaitley, as he expressed during the presentation of India's budget on February 1st.

However, it should be remembered that the SBI, or State Bank of India, is the most significant state-owned company in the banking and financial services sector in India, so there seem to be conflicting positions within the State of that country regarding cryptocurrencies.