Customers of the biggest banks in India are required to confirm that they will not conduct transactions with the cryptocurrency, otherwise their accounts will be blocked.
So Twitter user under the name Indiancryptogirl posted a screenshot of the requirements of a major Bank Kotak Mahindra Bank. It says that the customer account can be blocked without any explanation.
Indian Banks now forcefully taking permission from us to ‘reserve the right to close our account without further intimation’ if we deal in #cryptocurrency transactions
Ability to decide what to do with our own money is the very reason we need to invest, #BUIDL, & believe in #bitcoin pic.twitter.com/MpP34uqGKe
— Winston CryptoGirl (@DesiCryptoHodlr) 9 January 2019 R.
“Based on the regulatory requirements of the Reserve Bank of India, declare that they will deal with transactions related to the cryptocurrency, including bitcoin. I am also aware and agree that the Bank may close my account without further explanation if I will make such operations”, — stated in the notice.
It is noteworthy that this item the user must confirm to use services of financial institutions. According to Indiancryptogirl, this message began to appear last month. She also added that before this for about six months, the Bank sent out an SMS message stating about the change in policy towards cryptocurrency.
Another Twitter user under the nickname @Vivekmacha published a photo of a warning about the inadmissibility of transactions with cryptocurrencies:
“Virtual currencies are not legal tender. For them in India no regulatory permission or protection. We ask you not to make transactions with virtual currencies, using any of your accounts. In respect of such transactions, the Bank will act in accordance with the regulatory provisions, which include the closure of your account without further notice”
In addition, according to Indiancryptogirl, a similar situation with cryptocurrencies in Pakistan. Similar notification to the local Faysal Bank sends to its users from April 2018.
Our friends from across the border are facing the same problems as we are.
Faysal Bank in Pakistan has been sending anti crypto messages to customers since April ’18. pic.twitter.com/ZLTOIw2K3b
— Winston CryptoGirl (@DesiCryptoHodlr) 11 January 2019 R.
We will remind, in the spring of last year, the Reserve Bank of India has banned local financial institutions to provide individuals and companies with services related to cryptocurrencies.