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Indian banks force account closure agreement on customers against crypto use

blanket crypto ban in india not possible

Indian crypto regulations are still nowhere near announcement, and the government is in a dilemma whether or not allow the use of cryptocurrency in the country. However, amidst the unclear situation in India a cryptocurrency user and editor of a media house revealed that Indian banks are now forcing an account closure agreement on customers against the use of cryptocurrency.

Indian Crypto Girl, tweeted a screenshot of her bank account agreement that was opened in a screenshot. Allegedly the bank is forcing the agreement through online accounts with the statement that:

Basis the regulations issued by RBI, I hereby declare that I will not deal with any transaction related to Crypto-currency including Bitcoins. I also understand and agree that the Bank reserves all rights to close my account without further information in case I am found to undertake such transactions.

Indian cryptocurrency users are already suffering amidst the uncertainty that revolved around the regulations in the country. Cryptocurrencies were banned in the country after major scams rose to the mainstream where scammers defrauded millions of rupees through fake initial coin offerings and cryptocurrency investments.

On the other hand, about two million cryptocurrency users in the country are hoping that the ban would be lifted soon and proper regulations are put in place so that the cryptocurrency users can use legal channels.

Taha Farooqui

Taha Farooqui

Taha specializes in copywriting & translating texts. He aims to cover cryptocurrencies & blockchain in both English and local dialects in the Middle Eastern regions. He has helped write, translate, and localize the material related to cryptocurrencies and blockchain.

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