One of the largest banks in India is asking its users to allow them not to use their accounts to exchange Bitcoins or other cryptocurrencies. The bank also asks for permission to immediately close an account if it is associated with digital currencies.
Things are not going well in India
On April 6, the Reserve Bank of India (RBI) ordered all regulated financial institutions to refrain from working with companies related to cryptocurrency of any kind.
The move was met with a quick response from the industry that challenged the order. However, a few months later, on July 3, the Indian Supreme Court upheld the ban, inflicting a severe blow to the entire camp.
It was not long before this took over the industry. In October, the first Bitcoin ATM in India was closed and both founders of the company that ran it were arrested.
In December, Live Bitcoin News reported that the country is allegedly planning the end of its cryptocurrency ban across the state. Presumably, the government has created an interdisciplinary committee that is trying to legalize and regulate the cryptocurrency industry, instead of banning it immediately.
However, one month later, one of the country's largest banks also went against the crypt.
HDFC jumps on the anti-crypt cart
A Twitter user CryptoIndia YT (@Cryptoindia) He shared that HDFC has asked users to confirm that they will not use their bank accounts to exchange Bitcoin or any other cryptocurrency.
After Kotak and a few other Indian banks.
Hdfc asks customers to visit the bank branch and sign this consensus letter regarding criptovalute / bitcoin trading.#IndiaWantsCrypto #bitcoin #India pic.twitter.com/r4iuwiZiA9
– CryptoIndia YT (@CryptooIndia) 21 January 2019
In addition, the bank has also requested its customers to "authorize the bank to close the above account without further notice if it is observed in the future that transactions have been made for Bitcoin / virtual currencies".
HDFC is currently the third largest bank in India and has approximately 89,000 employees in all its branches.
What do you think about HDFC going against cryptocurrencies? Do not hesitate to let us know in the comments below!
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