The situation in India remains challenging for the cryptocurrency field as one of the country’s largest banks asks users to consent to immediate shut down of accounts associated with Bitcoin and other cryptocurrencies.
From Bad to Worse for Cryptocurrencies in India
Back in April 2018, the Reserve Bank of India (RBI) ordered all regulated entities to refrain from delivering any services to businesses which are involved in dealing with cryptocurrencies.
The move, while challenged by industry participants, took its toll on the entire field. Not long after that, one of the more popular cryptocurrency exchanges in the country – ZebPay, was forced to halt its activities because of the regulatory obstacles.
Towards the end of the year, however, beams of light started lingering over the horizon, as an interdisciplinary committee, specially created by the Indian government, had a few meetings regarding activities in the cryptocurrency field. Reportedly, they were in favor of lifting the ban and legalizing cryptocurrencies.
Unfortunately, this doesn’t seem to have impacted banks in the country.
On January 8th, 2019, a Twitter user Indian CryptoGirl (@DesiCryptoHodlr) tweeted that RBI has requested consent to “close account without further information” provided it’s associated with cryptocurrencies.
HDFC Following Up
HDFC is India’s third largest bank with almost 89,000 employees. It appears that it’s also following in the footsteps of RBI, requesting the same consent from its clients.
Twitter User CryptoIndia YT (@Cryptoindia) shared that the bank requires its users to “authorize the bank to close the above account without any further notice if it is observed in future that transactions have been carried out for Bitcoin/virtual currencies.”
In addition, people have to confirm that they are not trading Bitcoin or any other virtual currencies.
What do you think about the cryptocurrency situation in India? Let us know in the comments below!
Images courtesy of Hindustantimes