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.
Indian Banks now forcefully taking permission from us to ‘reserve right to close our account without further intimation’ if we deal in #cryptocurrency transactions— Indian CryptoGirl (@DesiCryptoHodlr) January 9, 2019
Ability to decide what to do with our own money is the very reason we need to invest, #BUIDL, & believe in #bitcoin pic.twitter.com/MpP34uqGKe
Although cryptocurrencies have not been completely banned by RBI, its stance against tokens is quite clear.