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Banks in India: If you use Bitcoin your account will be closed

Social media reports show that banks in India are threatening customers trading Bitcoin and other crypto currencies with closing their accounts. This move is the latest step from the banking sector in a country where crypto currencies seem almost forbidden.

Measures to contain Bitcoin

On Friday (January 11, 2019) Morgan Creek founder and partner Anthony Pompliano published a tweet about the recent move by Indian banks to prevent Bitcoin trading. The banks warn their customers not to trade in crypto currencies, otherwise they risk closing their accounts.

The announcement even stated that the banks do not need to send further correspondence before closing customer accounts. Pomp’s Tweet came directly after the Twitter user, CryptoGirl, who commented on the situation as follows:

Indian banks, which now inevitably take our consent by reserving the right to close our accounts without further notice if we deal with #Krypto currency transactions. The ability to decide what to do with our own money is the real reason why we need to invest, #BUIDL, & believe in #Bitcoin.

There are also reports of similar news at Kotak Mahindra Bank. According to CryptoGirl, the bank has even put its threat into action. In an update, the bank issued a notice about the closure of accounts for transactions with crypto currencies.

Bitcoin is almost forbidden

It is not surprising that the reaction to social media caused indignation, as many claim that Bitcoin is already almost banned in India with this action. In 2018, the Reserve Bank of India (RBI) banned banks from allowing crypto transactions.

India’s Supreme Court will issue a final ruling on the RBI crypto currency ban in September. A coalition of interest groups questioned the decision and the matter remains unclear until further notice. In October 2018, the government failed to respond to a Supreme Court deadline.

Before official regulations are available, the banking system in India is trying to curb crypto trade. As the government does not take a definitive position on cryptos, the RBI ban remains the de facto regulation in the country.

About India

India is a state in South Asia. With more than 1.1 billion inhabitants, India is the second most populous country in the world after the People’s Republic of China and ahead of the USA and is well on its way to becoming the number one. According to the 1950 constitution, India is a parliamentary democracy. Thus it is regarded as the largest democracy in the world in view of its population.

India is a controlled economy that has been increasingly deregulated and privatized since 1991. Since then, the country has experienced great growth and has profited in particular from globalization. However, India continues to be a developing country. Despite the clear economic boom of recent years, the country’s main problems are widespread poverty, overpopulation, increasing environmental pollution and ethnic and religious conflicts between Hindus and Muslims. This is compounded by the ongoing dispute with Pakistan over the Kashmir region.

Climate

Due to the Tropic of Capricorn, India is divided into two climate zones: First, in the north, a temperate zone with rainfall of 178mm in July (Delhi) and 25mm in January at temperatures between 14° C (January) and 31° C (July). Second, in the south, the subtropical zone influenced by the humid southwest monsoon. In the rainy season from July to October, about 2,565mm of rain falls on the west coast and 760mm annually in the highlands of Dekkhan. In winter, cold continental winds come from the northeast (Asian mainland).

Origin of the name

Bharat. The state of India is internationally named after the Indus River which today flows through the state of Pakistan. The native designation is Bharat, a name, which goes back to a king from the old Indian epic Mahabharata (maha = “big”).