Cryptocurrency: HDFC, SBI, other banks warn users of account suspension if trading continues – Moneycontrol.com

Cryptocurrency: HDFC, SBI, other banks warn users of account suspension if trading continues – Moneycontrol.com

you are here: Home News Business Cryptocurrency Cryptocurrency: HDFC, SBI, other banks warn users of account suspension if trading continues Banks, including HDFC Bank and State Bank of India, have said that users who deal in cryptocurrencies may face account suspension citing a 2018 circular from the Reserve Bank of India. Moneycontrol News May 31, 2021 / 12:27 PM IST As the regulation and legality of cryptocurrencies remains in grey, banks have lately started distancing themselves from cryptocurrency exchanges like Wazir X, Coin DCX, ZebPay. |Cryptocurrency (Representative image)
Major Indian banks have started warning customers against using their services to trade in cryptocurrencies. In an email to customers, banks, including HDFC Bank and State Bank of India, have said that users who deal in virtual currencies may face account suspension citing a 2018 circular from the Reserve Bank of India. Notably, the circular was struck down by the Supreme Court in March 2020.
Confirming the development, a banker told Moneycontrol that banks have sent these emails to some of their customers to “alert them in the context of lack of clarity on bitcoin regulations from the RBI”.
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The banker further said that RBI’s directive is important for banks, hence the old circular is being cited in the emails sent to customers.
“The Supreme Court circular was against the RBI order. Till the time, the RBI doesn’t clarify, these rules need to be abided by the banks,” the banker said on the condition of anonymity.

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