Cryptocurrency

Indian banks are discouraging customers from using cryptocurrencies

January 11, 2019, 2:57PM EDT

Cryptocurrencies seem less and less welcome in India as banks are now reportedly making clients promise not to use their accounts for any cryptocurrency-related transactions. This news comes after Reserve Bank of India’s recent decision to prohibit other banks from providing services to cryptocurrency businesses.

Twitter user Indian CryptoGirl (@DesiCryptoHodlr) has shared the screenshot of Kotak Mahindra Bank’s new terms and conditions, which require a user to declare they “will not deal with any transactions related to Crypto-currency including Bitcoins,” and they agree to the bank having the right to close their account “without further information” if found engaging in any cryptocurrency-related transactions.

Although cryptocurrencies have not been completely banned by RBI, its stance against tokens is quite clear.

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