Indian Commercial Banks Block Their Clients’ Cryptocurrency Accounts

Earlier, Indian regulators have repeatedly expressed their negative opinion regarding cryptocurrency. Therefore, it is not surprising that now commercial banks actively began to block the accounts of their clients.

Judging from the tweet made by the user Indian Cryptogirl, one of the largest commercial banks Kotak Mahindra Bank, blocked her account and closed her credit card.

In response to these actions, the crypto lady posted a tweet calling for the purchase of Bitcoin.

In 2013, the Reserve Bank of India (RBI) issued a statement warning people in the country about the consequences of using cryptocurrencies. Now the regulator intends to completely ban them.

So, Kotak Mahindra Bank spoke in support of RBI. The notification contained the threat of blocking an account and a credit card if cryptocurrencies were stored on them.

Earlier, another leading private sector bank in India, HDFC bank, also sent emails to customers asking them to disclose information about cryptocurrency transactions within 30 days, otherwise the accounts would be frozen.

We want to remind you:

Indian Government Drafts a Bill to Ban Cryptocurrencies

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