- Indian banks are notifying customers against crypto trading following an outdated law.
- India introduced a law against crypto in 2018, but the SC ruled it out a year ago.
- Authorities have not ordered banks in the country to change policy.
Indian banks continue to notify customers against trading cryptocurrencies, in line with a central bank rule from 2018. However, the Supreme Court overturned it over a year ago.
Before that, the law explicitly banned crypto dealings for banks. Now, despite its non-validity, banks are still telling customers to act on the same law, much to their annoyance. This includes some of India’s biggest lenders.
For instance, HDFC Bank, one of India’s largest, has been informing its customers of the same. Social media saw them venting their frustration about the bank’s repeated cautionary notifications. Other than that, SBI card users are also facing threats from their bank about suspension and account closure.
In addition to these, other major banks are also warning customers against crypto transactions. They h...
This article was first published on coinquora.com