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A letter sent from a bank in India to one of its Bitcoin using customers has been described as “desperate,” after being exposed on social media.

Mati Greenspan, a Senior Market Analyst with eToro, made the observation while posting a photograph of the letter on Twitter.

“(This is) a letter from Kotak Bank in India closing a customer’s account on suspicion of buying cryptocurrencies,” Mr Greenspan wrote.


“You don’t get any more desperate than that.”

The letter

The letter, which is dated December 29, 2018, announced that the person’s account would be closed because “(the 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.”

“On review of the transactions done in your above mentioned account we have noticed that you have undertaken online transaction(s) involving dealings in Bitcoin or a virtual currency.

“In this regards, you are requested to visit any of our branches to close your above mentioned account.

“In case you fail to close the account within 30 days from the date of this letter, Bank shall be constrained to close the account.”

Bitcoin India
The letter reportedly sent from a Bank in India to one of its Bitcoin using customers. (Source: Twitter)

India’s Bitcoin policy

The same letter appears to have been sent to other customers in India, and it seems the clear message from banks is ‘don’t touch Bitcoin.’

On January 11, Anthony Pompliano from Morgan Creek Digital, tweeted a warning sent out by banks, telling their customers not to deal in cryptos or risk the closure of their account.

Bitcoin India
A warning reportedly sent to bank customers in India. (Source: Twitter)

“These legacy institutions fear what they can’t control, but people should be allowed to do whatever they want with their wealth,” Mr Pompliano said. M

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(Excerpt) Read more Here | 2019-01-14 03:35:06


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