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Indian Bank Forced Customers To Open An Account To Agree To Anti-Cryptocurrency Terms

According to reports, a bank in India forced customers to agree to “will not process any transactions related to cryptocurrencies such as Bitcoin” when registering an account. In addition, there were reports that if banks find that existing customers with cryptocurrency -related transactions, they will shield those customers’ accounts.

Twitter user Indiancryptogirl sent a screenshot of the Kotak Mahindra Bank account opening agreement on Twitter on Tuesday: “@Desicryptohodlr”. One of the terms that the client must agree to is: “I hereby declare that I will not process any transactions related to cryptocurrencies such as Bitcoin.” I also understand and agree that if I am found to be involved in the transaction, the bank reserves the right to close the transaction at any time. The right to an account without prior notice. ”

Indiancryptogirl revealed to news.Bitcoin.com:

Kotak Mahindra Bank is one of the largest banks in India, and they have been showing notifications of account creation since a month ago. This message is the “last check” before the account was created, and the cryptocurrency checkbox cannot be skipped or unchecked. Therefore, to create an account at the bank, we must agree to the message. Otherwise, we are unable to start any online banking services with the bank.

In addition, she said that in the past six months, the bank has been sending emails and text messages to inform customers of their cryptocurrency policy. Earlier, the Bank of India issued a notice prohibiting banks from providing services to the encryption business.

However, she described that in the past month, they have intensified, “beginning to force users to accept their notice when opening a new account.”

RBI regulations

Kotak Mahindra Bank also displayed similar information on the ATM. The Twitter user “@Vivekmacha” sent a photo of the notification. The report states: “Virtual currency (VC) is not a legal currency and there is no regulatory license or protection in India. We ask that you do not engage in any venture involving any of your accounts. For any such transaction, the bank should follow regulatory guidelines. Acting, including closing your account without further notice.

A spokesperson for Instashift of the Indian Stock Exchange explained to news.Bitcoin.com that Kotak Mahindra Bank is a “non-nationalized private bank, so they must comply with all regulations of the Bank of India, otherwise their bank license will be revoked. “Banks like Kotak Mahindra have taken extreme precautions about how customers use their systems so they won’t be subject to any review by the Bank of India in the future,” he explained.

In addition, the spokesperson pointed out that according to his experience, banks “are paying close attention to each person’s account and checking transaction records.” He added that they were “strictly observe any relevant Du central bank indicated, and blocked their view is used to encrypt the transaction currency accounts.” If the client account is “reviewed and the bank official reads the cryptocurrency keyword in the comments, these accounts will definitely be blocked.” Nevertheless, he stressed:

But according to Indian law, how to use hard-earned money is a personal choice, and the Bank of India has not banned the use of cryptocurrency.

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