Indian banks are discouraging customers from using cryptocurrencies
Cryptocurrencies seem less and less welcome in India as banks are now reportedly making clients promise not to use their accounts for any cryptocurrency-related transactions. This news comes after Reserve Bank of India’s recent decision to prohibit other banks from providing services to cryptocurrency businesses.
Twitter user Indian CryptoGirl (@DesiCryptoHodlr) has shared the screenshot of Kotak Mahindra Bank’s new terms and conditions, which require a user to declare they “will not deal with any transactions related to Crypto-currency including Bitcoins,” and they agree to the bank having the right to close their account “without further information” if found engaging in any cryptocurrency-related transactions.
Indian Banks now forcefully taking permission from us to 'reserve right to close our account without further intimation' if we deal in #cryptocurrency transactions
— Indian CryptoGirl (@DesiCryptoHodlr) January 9, 2019
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
Although cryptocurrencies have not been completely banned by RBI, its stance against tokens is quite clear.
