Indian users have received emails from HDFC Bank, warned about transacting in cryptocurrency
According to information from BloombergQuint, Indian Bank and card service providers warn against cryptocurrency transactions. Furthermore, users of HDFC Bank received a new email, alerted to cryptocurrency transactions.
Users have received emails from HDFC Bank regarding their cryptocurrency transactions
An Indian crypto investor received an email saying:
“We have observed that your account probably reflects virtual currency transactions which aren’t permitted as per RBI guidelines.”
Indian users on Twitter have also expressed their concerns with the latest email, citing Reserve Bank of India (RBI) 2018 guidance:
@HDFC_Bank I received an email threatening withdrawal of banking services because I purchased some crypto. Email cites 2018 RBI guidelines which were quashed by Supreme Court last year. Given crypto being deliberated by law makers, is this not harassment? pic.twitter.com/E3CAPx7hL4
— Sanat Mehrotra (@sanatmehrotra) May 28, 2021
The email also states that users with possible cryptocurrency transactions should visit the nearest branch. Failure to do so will force the bank to restrict transactions in your account without any further notice.
Payment solutions provider SBI Card also sent out a warning email to its users. The email to users states the usage of credit cards for transactions on virtual currency merchant platforms may lead to suspension/cancellation of your SBI Credit Card in terms of the Cardholder Agreement.
India continues to struggle with the decision on how to handle digital assets. With the latest discussions in the country focusing on the private cryptocurrency ban, as well as the possible creation of a Central Bank Digital Currency (CBDC).
India’s Supreme Court previously overturned RBI’s crypto ban. However, RBI continues to focus its attention as the driving force behind the regulation of digital assets in the country.
- Iran’s Government Has Decided To Save Electricity During The Peak Summer Season By Banning Cryptocurrency Mining
- Some Russian Officials Now Working On Amendments That Will Permit The Use Of Bitcoin And Cryptocurrencies As A Contractual Means Of Payment