In social networks there are more reports that Indian banks threaten its customers with suspension of the account. This is due to the fact that customers allegedly used the Bank account to buy BTC. Think this is one of the final chords of the banking industry in a country where cryptocurrency can fall under a complete ban.
On Friday January 11, founder and partner of Morgan Creek Anthony Pompliano wrote in his Twitter, citing a source in India. And in a statement, banks says that the account may be closed without notice. As written by Bitcoinist, for the first time about the problem mentioned Twitter user from India under the name CryptoGirl.
Banks in India are now saying they will now close customers’ accounts if they deal in cryptocurrencies.
These legacy institutions fear what they can’t control, but people should be allowed to do whatever they want with their wealth.
Long BitcoinShort the Bankers! pic.twitter.com/vvjniodaiL
— Pomp ? (@APompliano) January 11, 2019
Indian banks force us to accept a resolution that they reserve the right to close accounts without explanation. This applies in particular to those associated with cryptocurrencies. This is the whole point: this is why we should invest and believe in Bitcoin, because we should have the right to decide how to manage their money.
Also flashed reports of similar warnings in the ATM banking network Kotak Mahindra Bank. And writes CryptoGirl, these are not empty threats. The Bank still blocked her account for the transactions with cryptocurrencies. However, for the first time only for a month.
“We noticed you did a transaction involving crypto, hence, we will close your account within 30 days”
— Kotak Mahindra Bank
P. S: Glad they’re doing it for me pic.twitter.com/JIWzeU54i5
— Winston CryptoGirl (@DesiCryptoHodlr) January 12, 2019
India on the path to a complete ban on Bitcoin
In 2018, the Reserve Bank of India (RBI) has banned banks to process cryptocurrency transactions. Interested community tried to challenge this decision, but the question is still in limbo. Earlier it was reported that the government is unable to provide regulation for cryptocurrencies, so the ban of the main Bank of the country at this stage is de facto applicable law in respect of the crypts. More data look at cryptodata.
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