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Indian banks force customers to avoid cryptocurrency transactions

The clients of the large Indian banks are obliged to confirm that they will not carry out transactions with cryptocurrency, otherwise their accounts will be blocked.

So the Twitter user with the nickname of Indiancryptogirl posted a screenshot of the requirement of a large Kotak Mahindra bank. It establishes that a client account can be blocked without any explanation.

"According to the statutory requirements of the Reserve Bank of India, I declare that I will not deal with transactions related to cryptocurrency, including Bitcoin, I also acknowledge and agree that the Bank has the right to close my account without further explanation if I perform such transactions" .– read the notice.

It is important to mention that users must confirm this element in order to use the services of a financial institution. According to Indiancryptogirl, this message began to appear last month. He also added that before that, for about half a year, the bank had sent SMS messages, which indicated a change in the cryptocurrency policy.

Another user of Twitter @Vivekmacha has posted a warning photo about the inadmissibility of transactions with cryptocurrency:

"Virtual currencies are not legal tender. For them in India there is no permit or regulatory protection. We ask you not to make transactions with virtual currencies using any of your accounts. In relation to such operations, the bank will act in accordance with the regulations that include the closing of your account without prior notice. "

In addition, according to Indiancryptogirl, a similar situation with cryptocurrencies in Pakistan. The local Faysal Bank has been sending similar notifications to its users since April 2018.

Last spring, the Reserve Bank of India banned local financial institutions from providing cryptocurrency services to individuals and businesses.

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