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A group of banks in India began to send warnings to customers who threatened to close their accounts if they discovered that they had performed acts that included the use of cryptocurrencies.
According to a tweet published by Indian CryptoGirl, the banks that issued the warnings indicate that they have done so to comply with the regulations issued by the Royal Bank of India (the central bank of the country). One of the tweets shows how the RBI has forced the banks to close the accounts of any cryptocurrency user in what appears to be a move to ban them indirectly:
"As RBI saw its circular RBI / 2017-18 / 154 DBR.No.BP.CP 104 /08.13.102/2017-18 dated 6 April 2018, the regulator instructed the banks to close the accounts of customers who had transactions in virtual currency / bit coins (sic) at any time during the term of the account and that banks should not deal in virtual currencies or provide services to facilitate any person or entity in dealing with or regulating virtual currencies. the management of accounts, registration, trading, settlement, granting of loans against virtual tokens, acceptance as collateral, opening of trading accounts concerning them and transfer / collection of money in accounts related to the purchase / sale of virtual currencies ".
India: where Bitcoin is legally permitted, but practically forbidden
If it turns out that a person has been involved in one of the activities mentioned in the quote, the bank will close the account 30 days after the user has been informed. After this period, the user will not be able to withdraw or use their own funds.
"We've noticed that you've made a cryptographic transaction, so we'll close your account within 30 days"
– Kotak Mahindra Bank
P.S: I'm glad they're doing it for me pic.twitter.com/JIWzeU54i5
– Indian CryptoGirl (@DesiCryptoHodlr) 12 January 2019
Another tweet shows a non-liability clause of a bank that obliges users to accept a clause stating that they will not perform any kind of transaction in criptovalute, recognizing the right of the bank to close its accounts "without further notice" if they determine who have not respected this clause:
Banks in India are now saying that they will now close customer accounts if they are dealing with cryptocurrencies.
These legacy institutions fear what they can not control, but people should be allowed to do whatever they want with their wealth.
Long Bitcoin, Short the Bankers! pic.twitter.com/vvjniodaiL
– Pomp 🌪 (@APPLANT) 11 January 2019
The measure seems to be an effort by the state to avoid the use of cryptocurrencies. Although the Indian Supreme Court has ordered the clarification of a government position regarding cryptocurrencies – which are not entirely illegal – there is still a regulatory gap that allows situations like this to happen while the government has not respected the Court's order .
Long last! The cryptic question came to court today and the Supreme Court asked Govt. submit a sworn statement regarding the results of the crypto committee set up by them. They should present it within 2 weeks. Things are getting interesting! #isupportcrypto
– Nischal (WazirX) ⚡️ (@NischalShetty) October 25, 2018
We wait and look at the situation. Crypto is not currently illegal in India, so there is nothing to worry about. Hoping to get a favorable result from the judicial case.
– Nischal (WazirX) ⚡️ (@NischalShetty) October 25, 2018
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