PSA FOR ALL CRYPTOCURRENCY INVESTORS IN INDIAsteemCreated with Sketch.

in #bitcoin5 years ago (edited)

This is a PSA for all Indian cryptocurrency investors and traders.⁣

The RBI (India's central bank) issued a notification regarding prohibition of virtual currencies in a notification on April 6 2018. The notification asks banks to cease service to those customers found to have transactions relating to cryptocurrencies.⁣

Kotak Mahindra Bank has started closing accounts of customers they find in violation of this notification. Many people took to Twitter to show what banks are doing. ⁣

Majority of those who have been sent these notices we're likely to be people who had direct transactions with exchanges. However, they have started to track down people with suspicious activity, so even Peer to Peer exchanges have been compromised.⁣

IF YOU ARE BUYING/SELLING CRYPTO VIA PEER TO PEER EXCHSNGES, PLEASE DO NOT INCLUD TERMS LIKE "BITCOIN, BTC, ETHEREUM, CRYPTO, CRYPTOCURRENCY, ETC" IN THE REMARKS SECTION OF THE TRANSACTIONS. BANKS HAVE IMPLEMENTED BOTS TO SEARCH FOR KEYWORD REGARDING DIGITAL CURRENCY IN THE REMARKS.⁣

Kotak Mahindra and Axis Bank have ties with Ripplenet. ICICI has ties with Stellar Lumens. They want to leverage the technology for themselves to better their own business. They can suppress individuals only for so long. Hang tight and be cautious.

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Hi @reverseacid, I came across this article shared by another steemian @investprosper. Do you think your advice above would in any way be different, in the light of the developments highlighted in this article? https://steemit.com/blockchain/@investprosper/conglomerates-in-india-conduct-pilot-trials-for-blockchain-applications

These developments are again a proof of the govt wanting to use this tech to help companies prosper. I've commented my opinion on @investprosper 's post as well. You're easily becoming one of our favourite Steemians @devann. Can't thank you enough for your active feedback and contribution!

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Their actions stink. They are doing this just to avail themselves of the pleasure of being in a monopolistic position.

Exactly @devann. They are leveraging the tech to improve their service and the central bank doesn't care about that. They just want to hinder individual functionality. India is going to get so far left behind in the new age technological industrial revolution. Not because of incompetence but because of closed mindedness.

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