Once again I'm just highlighting some facts and there's no need to panic if you hold an Oriental Bank of Commerce account in India. If you don't hold an account here but want to know what's going on with other banks, just continue reading.
As you aware, few major Indian banks have imposed restriction on using bank accounts for trading of these crypto-assets. This is a circular issued internally at Oriental Bank of Commerce which shows a worrying trend within some Indian banks which are displaying a hostile behaviour towards cryptocurrencies.
There's no need for a FUD even though this is an aggressive move by the bank to start freezing accounts of cryptocurrency exchanges and users engaged in trading these blockchain based financial assets. They are also preventing any new exchanges or individuals who wish to trade cryptocurrency from operating any accounts in their bank.
Having said that this is not a rising trend amongst all major banks. While some banks have made it harder for the exchanges to operate, some have come forth to ensure their operations go on smoothly as they see this domain as a new avenue for revenue generation.
If you are using Oriental bank exclusively, now is a good time to get a second account with another bank. I despise such a move from banks who are simply a custodian of our money. They do not own it and should not own the rights to tell us how to use our funds. It's a pity that the government is allowing them to form such an internal policy.
Other banks are likely to interpret government warnings in their own ways. The higher the risk averse, the greater the chances they will curb such activity on their banking network.
For now, this is all the info I've got and mainstream media hasn't picked this up yet. So let's see how this one plays out. Meanwhile, sit back, relax and enjoy your trades.
You can read some of these other posts I've authored on the subject matter:
- These Banks Have Banned Cryptocurrency Purchase Through Debit & Credit Cards!
- Will Banksters Ruin Indian Economy?
- Are Banks Part Of The Corrupt Forces That Rule Us?
- Crypto India: Welcome To The Banking Banana Republic!
- Crypto India P2: Banking Banana Republic—What Banks Are For and What They Are Actually Doing!
- Making Sense of Indian Finance Minister's Statement in Parliament—Cryptocurrencies Aren't Banned In India!
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