Banks In India Force Customers To Sign Contracts Not To Use Cryptocurrencies

After the Reserve Bank of India banned banks from doing business with crypto businesses, other banks are going even further. The latest blockchain news from India shows us that certain banks are now forcing customers to sign contracts that they will not use cryptocurrency in order to prohibit the further crypto adoption.

The banks simply make the customers choose between crypto and them in order to make the customers leave the crypto movement. However, many people in India are hoping for cryptocurrency to take over traditional banking despite the bad infrastructure at the moment.

Banks in India started sending out terms and conditions to its users where the harsh measures can be easily seen. They also want from their customers to promise not to deal with any kind of transaction that is crypto-related including Bitcoin. What is even more interesting, the Bank has the right to choose how to treat the breaking of the agreement.

Here is an example of the message from the banks put up on ATMs around the country:

‘’Virtual currencies (VCs) are not legal tender and do not have any regulatory permission or protection in India. We request you not to make transactions involving any VCs from any of your account/s. For any such transactions, the bank shall be acting in accordance with the regulatory guidelines which include closing your account without further intimation.’’

Twitter users say that similar measures are been taken in Pakistan as well.

However, the governor of the central bank of India Raghuram Rajan says that Bitcoin is ‘’fascinating’’ and hopes to see the entire humanity move towards a cashless society.