Indian private bank HDFC threatens customers who bought crypto

28 Apr, 2019 | Updated: 28 Apr, 2019
by Joeri Cant
News
Indian private bank HDFC threatens customers who bought crypto

According to Indian cryptocurrency enthusiast, who goes by the Twitter handle, Indian CryptoGirl, the largest private lender in India, HDFC, started sending threatening letters to its customers who bought cryptocurrencies.

According to Indian cryptocurrency enthusiast, who goes by the Twitter handle, Indian CryptoGirl, the largest private lender in India, HDFC, started sending threatening letters to its customers who bought cryptocurrencies.

Indian CryptoGirl further tweeted that users would have to clarify the nature of their transaction within a 30-day period.

Failing to do so, will result in the bank freezing the accounts.

A screenshot of the message starts by saying that the bank has observed that Virtual Currency transactions are reflected in its customers account and, as per RBI guidelines, this is not permitted.

The Housing Development Finance Corporation Ltd, went on to reference a recent RBI guideline:

'Banks are advised to exercise due diligence by closely examining the transactions carried out in the account on an ongoing basis to caution users, holders and traders of Virtual Currencies (VCs) including Bitcoins regarding risks.'

Just yesterday Chepicap reported that the Indian government is exploring a bill that would completely ban the creation and sale of cryptocurrencies.

The bill is being called "Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019" and has found endorsement from the Department of Economic Affairs (DEA), Central Board of Direct Taxes (CBDT), Central Board of Indirect Taxes and Customs (CBIC) and the Investor Education and Protection Fund Authority (IEPFA).

However, this bill will only be making suggestions on course of action to the new government coming in after elections in May.

So at this point, we still don't know if India will outright ban all crypto.

What we do know is that at least one Indian bank is taking a rather agressive stance against cryptocurrencies.

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