Crypto Crisis : Multiple Indian Banks Warn Customers of Crypto Trade With Restrictions

    A coin representing Bitcoin cryptocurrency in the U.K. Photographer: Luke MacGregor/Bloomberg

    Major Indian banks such as HDFC Bank and SBI Bank have warned customers of imposing restrictions on their accounts if they trade crypto with it.

    “Illegal” Trade

    Multiple account holders from banks such as HDFC and SBI have reportedly received emails and phone calls about “illegal” cryptocurrency investments.

    “I received a call from an HDFC Bank executive three weeks ago, in which the person said that they wanted to understand about my dealings in cryptocurrencies,” said Mehrotra, a customer of HDFC who received an email from the bank highlighting the risks involved.

    Many users have since expressed their views on social media regarding the same.

    Users are calling these actions by the banks “threatening” and asking them to stop dictating their means of investments.

    See also: Crypto Mining Banned in Iran Following Widespread Power Outages

    Crypto’s legal status in India

    On May 28th, HDFC went ahead and released the following statement regarding crypto and its legal status in India as of now.

    Not long before this fiasco, major crypto trading portals such as WazirX and Binance had pulled away support for Paytm deposits which caused quite a stir.

    With multiple financial institutions pulling out of the highly volatile crypto game, it is unsure what the future holds for the ever-fluctuating digital currency system.

    There is however a little bit of hope from the government’s side in the legal play of trading crypto when it comes to trading as they are yet to offer some relief in this category.

    Follow our website for more information on restrictions imposed on trading and mining in India.

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