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:

indian-users-have-received-emails-from-hdfc-bank-warned-about-transacting-in-cryptocurrency

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.

indian-users-have-received-emails-from-hdfc-bank-warned-about-transacting-in-cryptocurrency

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.

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