Indian Bank and Card Service Provider Warn Against Virtual Currency Transactions

[waybesuricata]

In a recent email sent out to users of the Indian bank, users have been warned about transacting in virtual currencies. According to BloombergQuint, users have been receiving emails from HDFC Bank regarding their crypto transactions.

One email received by an Indian cryptocurrency investor states “We have observed that your account reflects probable virtual currency transactions which aren’t permitted as per RBI guidelines.”

Indian users on Twitter have also expressed their concern with the latest email, citing 2018 Reserve Bank of India (RBI) guidelines. One user commented on the email, saying “I received an email threatening withdrawal of banking services because I purchased some crypto. Email cites 2018 RBI guidelines which were quashed by the Supreme Court last year. Given crypto being deliberated by law makers, is this not harassment?”


Source and continuation of the article:  https://beincrypto.com/indian-bank-and-card-service-provider-warn-against-virtual-currency-transactions/

[TomPluz]

We have to understand that until now there is no approved and signed law regulating clearly once and for all the cryptocurrency industry operating within India as regulators and lawmakers could not decide whether to ban or to regulate. Now, with the latest developments in this market, I understand that there is a consensus shaping that instead of an outright ban there can be regulations to be placed instead. And that is big news. Maybe these regulators were touched by the outpouring of support for the fight against Covid-19 using cryptocurrencies as donations. I am sure that the bank as mentioned above is just being careful as they know that to err on the side of caution can be better than to suffer some possible penalties. This attitude will be changed once regulations are already in placed.