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India’s HDFC bank supports Bitcoin

India's HDFC bank supports Bitcoin

Cryptocurrencies have always been a grey topic in India. According to the reports, India’s parliament is currently contemplating a nation-wide crypto ban. The Indian Securities Exchange Board of India (SEBI) has also asked investors introducing IPO to get rid of the crypto assets before conducting it. Amidst the chaos occuring in the Indian crypto space regarding the potential ban of cryptocurrencies, Indian bank seems to support Bitcoin. Recently, India’s leading private bank, HDFC, took to Twitter account to inform its users about Bitcoin.

HDFC Bank tweeted about the smallest unit of Bitcoin. The bank mentioned in the tweet about why Satoshi is called the smallest unit of Bitcoin. It further went on to explain Bitcoin and Satoshi transactions. The tweet comes when several banks, including HDFC Bank, are placing crypto trader’s accounts under the microscope. Consumers of private banks in India, like HDFC, HSBC, and Citi, have been getting notices this year urging them to interpret crypto-related transactions. Also, often asking them to visit their local bank branch in person. If such an explanation is not received, accounts are at risk of being suspended or seized.

Crypto to help India bank the unbanked population

Furthermore, India’s parliament intends to establish a new bill that will limit traders’ financial activities. Prominent members of the Indian cryptocurrency community have spoken up against it. Sathvik Vishwanath, CEO of India-based exchange Unocoin, thinks that a move in the opposite direction is needed to encourage the growth of India’s fintech space. He says that with crypto, the country can bank a huge unbanked population. Banks are also proactively blocking consumer accounts. Those believed to be associated with funds moving through cryptocurrency exchanges in several countries are at risk.

Besides HDFC bank, recently, the State Bank of India, or SBI, a central Indian government-owned bank, seems to enhance cross-border payments with a blockchain solution by U.S. investment bank JPMorgan Chase. As per the reports, the SBI has joined Liink, a new blockchain-based interbank data network generated by JPMorgan. By combining technology, the bank anticipates decreasing transaction costs and enhance cross-border payments for its consumers.

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