Indian Bank and Card Service Provider Warn Against Virtual Currency Transactions
2 min readIn 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?”
The email also states that users who have “probable virtual currency transactions” should visit a nearest branch. Failure to do so, will see the bank “compelled to restrict transactions in your account without any further notice.”
SBI Card also sends warning
Payment solutions provider SBI Card also sent out a warning email to its users. The email to users states “usage of credit card for transactions on virtual currency merchant platforms may lead to suspension/cancellation of your SBI Credit Card in terms of the Cardholder Agreement.”
India continues to mull over regulations
India continues to battle with its decision on how to handle digital assets. With the latest discussions in the country focused on the ban of private cryptocurrencies, as well as creating a possible Central Bank Digital Currency (CBDC).
The Indian supreme Court has previously overturned crypto bans by the RBI. However the RBI continues to focus its attention as being the driving force behind regulating digital assets in the country.
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