HDFC Bank Warns Crypto Users

HDFC Bank Warns Crypto Users in India: May Freeze Accounts Soon

Indian bank HDFC is rolling out warning e-mails for its customers who are dealing with cryptocurrency. According to a Twitterati, a number of bank customers have been getting mail regarding suspicious transactions of cryptocurrencies. The mail directs the user has to visit the nearest HDFC branch and clarify the particular transaction(s). HDFC Bank warns crypto users that upon non-clarification of suspected transactions within the stipulated time, it will freeze the bank accounts.

According to the bank, on the grounds of RBI guidelines, there is no permission for crypto transactions in India. So, the e-mail notice is for those folks in whose accounts digital currency is spotted. After the concerned customer receives the email, he has to contact his nearest bank. He will have to fill up and sign a consent form. The consent form will declare that the user is not dealing with any cryptocurrency. In case the bank finds any signs of presence or trading of crypto on the bank account, it has all rights to freeze it. In case the customer fails to report to the nearest HDFC branch within 30 days of the warning e-mail, without any further notification, his/her account will be frozen.

This incident indicates that the future of crypto is kind of bleak in India. Even the Indian government may soon completely ban on all kind of dealings with cryptocurrencies. However, on a positive note, there are other Indian companies that are experimenting with blockchain technology, which is helpful for the understanding of this complex domain.