EXCLUSIVE – HDFC (Housing Development Financial Corporation), one of India’s largest private sector banks has banned cryptocurrency purchases from its cards, both credit and debit.

In an email sent to its customers yesterday, HDFC notified its users that it will no longer allow cryptocurrency purchases on its credit, debit and prepaid cards.

The email read:

You may be aware of the increasing global apprehensions regarding Bitcoins, Crypto currencies and virtual currencies. The Reserve Bank of India has also cautioned the public regarding the potential economic, operational, legal and security related risks associated in dealing with such currencies.

To ensure our customer’s security, we have decided to not permit usage of HDFC Bank Credit, Debit and Prepaid Cards towards purchase or trading of such Bitcoins, Cryptocurrencies and virtual currencies, on merchants suspected to be dealing in crypto-currency or online foreign exchange trading or both.

HDFC’s ban echoes the general sentiment that Indian authorities have towards cryptocurrencies and ICOs. The government has issued several statements warning investors of the dangers of investing in cryptocurrencies as well as ICOs. In fact, India’s finance ministry compared investing in digital currency to “Ponzi schemes,” and the country’s central bank, Reserve Bank of India, has also voiced multiple concerns warning investors about cryptocurrencies.

Currently, HDFC is the largest private sector lender in terms of standalone assets in India, out beating ICICI Bank last fall. As of September 2017, HDFC had Rs. 9.33 lakh crore ($144 billion)  in standalone assets, while ICICI had stood at Rs. 7.87 lakh crore ($120 billion).

And while reports that ICICI Bank has halted some accounts of major Bitcoin exchanges in India, the bank has not yet banned cryptocurrency purchases on its cards yet.

In the U.S. many of the major banks like Bank of America, JPMorgan Chase, Citi and Barclaycard have already banned the purchase of cryptocurrency on their cards.