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Indian Bank Still Resist Crypto A Week Before legislation hits Parliament

Indian government is ready to introduce crypto legislation for discussion in the Parliament next week. However, Indian banks are issuing out warnings to their customers against investing in crypto.

Furthermore, as per a report by the Economic Times, HDFC, Axis and ICICI banks are sending emails to customers. Thereby, warning them about the risks of investing in crypto over the past two-three weeks.
More so, the Bankers are saying that the radical advertising campaigns by crypto exchanges don’t also show and educate the risks.

Also, in a parliamentary meeting by the prime minister on the future of crypto, crypto ads and their potential impact is in much deliberation. More so, WazirX and Bitbns have temporarily put to stop all crypto ads.

Notably, as per reports last week, the crypto legislation may not allow crypto businesses to explicitly solicit customers.

Furthermore, The Reserve Bank of India, the country’s central bank, supports crypto-ban – is giving directives to banks to steer clear of crypto business.

Of course, this is not the first time that banks, with pressure from the RBI, is trying to cut ties with crypto.

Earlier, The emails come like a threat to customers with account suspension or closures. Particularly, if they fail to offer justification for crypto transactions.

However, The emails were withdrawn since the RBI circular was struck down by the apex court last year.

Lastly, In the same month, ICICI Bank pulls support for crypto transactions. In September, State Bank of India blocks payments to crypto exchanges.

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Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.