HDFC ease for Crypto Customers

HDFC bank is officially asked customers to ignored it’s previous communication warning them about dealing in virtual currency transactions in the notice has set it up to cited a 2028 circular by the RBI that was struck down by the Supreme Court in 2020. RBI clarified earlier this week that banks should not refer to the said circular to crypto customers about trading in cryptocurrency we wish to update you that in the light of the advisory issued by RBI dated 31st of May 2021 on customers due diligence for transaction in virtual currency request you to ignore our early  communication dated 28 of May 2021 HDFC bank did not respond to the economic time queries till press time Thursday crypto trader from Rajasthan who received the communication from HDFC bank on Thursday sad feeling relieved I did not think that another email was going to come again from the bank.

ET reported on May 31 that top Indian banking institute were clamping down on customers using bank accounts to make cryptocurrency transactions HDFC bank and state bank of India were sending official notices to many such customers wanting them to curb including permanent closure of the account The RBI clarification has healed by the nascent and industry earlier this week in a renewed push to restore banking access crypto exchanges reached out to the bank and payment gateways after RBI issued the clarification according to senior executive at a crypto exchange despite our best clarification large bank remain on the fence about working with crypto exchanges We have a few small banks willing to consider for the rest of the banks still remain skeptical about supporting crypto company said the executive.

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