HDFC bank warns Indian customers who bought cryptocurrency

India has been dealing with crypto issues for the past several months. Recently a Twitter Indian CryptoGirl tweeted about receiving threat emails from HDFC Bank. HDFC Bank is an Indian banking services provider.

HDFC Bank is India’s largest private sector lender. They have recently been accused of sending threatening emails to people who invested in cryptocurrencies.

The tweet was made by the user on 27th April 2019 and the received email stated that the person should clarify the nature of their conducted transaction in over thirty days.

Failure in clarifying the purpose of the transaction will result in the account holder’s assets to be frozen.

Even though the threatening email was sent to deaden the progress of the crypto space in India the Indian crypto enthusiast stated that this only raises awareness among the masses that they should have complete control over their assets.

The tweet by the Indian CryptoGirl had the official email sent to her by HDFC’s management. The email stated that according to the Reserve Bank of India crypto transactions are not permitted.

Crypto India YT responded o the tweet made by the Indian CryptoGirl saying that Indians have been receiving these emails since the beginning of 2019. Furthermore, Indians are being asked to sign and submit a consent form shared below:

Indian CryptoGirl wanted to clarify the reasons as to why these emails were not leaked earlier. She said that the reason may be that the people threatened before may have had their accounts frozen before they could take action.

India has recently introduced a ban on any transactions made by using cryptocurrencies. The ban is a result of concerns regardings illegal activities pertaining to money laundering and terrorist activities.

A dedicated panel has also been placed to review the recommended ban on cryptocurrencies.