India: Banks Threaten to Close Customer Accounts if They Use Cryptocurrencies

A group of banks in India has begun to issue warnings to customers threatening to close their accounts in the event that they are found to have performed acts involving the use of cryptocurrencies. According to a tweet published by Indian CryptoGirl, the banks that have issued the warnings indicate that they have done so in order to comply with regulations issued by the Royal Bank of India (the country’s central bank). One of the tweets shows how the RBI has compelled banks to close the accounts of any user of cryptocurrency in what seems to be a move to indirectly ban them: “As per RBI vide its circular RBI/2017-18/154 DBR.No.BP.CP 104 /08.13.102/2017-18 dated April 6, 2018, regulator has mandated Banks to close the accounts of customers who had undertaken transactions in virtual currency / Bit coins (sic) any time during the tenure of the account & that Banks shall…

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