Reserve Bank of India Forces Customers to Abandon Dealing with Cryptoassets

[Goodcat49]

The Reserve Bank of India (RBI) is allegedly forcing the clients of the commercial banking institutions to completely abandon cryptocurrencies including bitcoin (BTC) and stop operating any kind of business activity related to cryptoassets. In case the client wants to set up a new bank account in any commercial banking institution in the country, he or she is forced to sign documents which in this case read that they shan’t deal in any digital currency transactions from their bank accounts.

Coin Idol In case the client wants to set up a new bank account in any commercial banking institution in the country, he or she is forced to sign documents which in this case read that they shan’t deal in any digital currency transactions from their bank accounts.

The Reserve Bank of India (RBI) is allegedly forcing the clients of the commercial banking institutions to completely abandon cryptocurrencies including bitcoin (BTC) and stop operating any kind of business activity related to cryptoassets. In case the client wants to set up a new bank account in any commercial banking institution in the country, he or she is forced to sign documents which in this case read that they shan’t deal in any digital currency transactions from their bank accounts.

If the client deals in such transactions related to BTC or any other cryptos then his or her respective bank account shall be shut instantly without any prior notice by the bank in question. The similar notice goes for the already existing clients of all commercial banking institutions in the country.   

Be Aware of Dogs   
In some banking institutions such as Kotak Mahindra Bank, the instruction against dealing with digital currency is well stated in their account opening documents, so clients would agree or decline to it by signing while filling the bank account opening forms. The instruction states:   

“I hereby declare that I will not deal with any transactions related to cryptocurrency including bitcoins. I also understand and agree that the bank reserves all right to close my account without further intimation in case I am found to undertake such transactions.”   

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/india-forces-customers-to-abandon-dealing-with-cryptoassets/