Once again I'm just highlighting some facts and there's no need to panic if you hold an Oriental Bank of Commerce account in India. If you don't hold an account here but want to know what's going on with other banks, just continue reading.
As you aware, few major Indian banks have imposed restriction on using bank accounts for trading of these crypto-assets. This is a circular issued internally at Oriental Bank of Commerce which shows a worrying trend within some Indian banks which are displaying a hostile behaviour towards cryptocurrencies.
There's no need for a FUD even though this is an aggressive move by the bank to start freezing accounts of cryptocurrency exchanges and users engaged in trading these blockchain based financial assets. They are also preventing any new exchanges or individuals who wish to trade cryptocurrency from operating any accounts in their bank.
Having said that this is not a rising trend amongst all major banks. While some banks have made it harder for the exchanges to operate, some have come forth to ensure their operations go on smoothly as they see this domain as a new avenue for revenue generation.
If you are using Oriental bank exclusively, now is a good time to get a second account with another bank. I despise such a move from banks who are simply a custodian of our money. They do not own it and should not own the rights to tell us how to use our funds. It's a pity that the government is allowing them to form such an internal policy.
Other banks are likely to interpret government warnings in their own ways. The higher the risk averse, the greater the chances they will curb such activity on their banking network.
For now, this is all the info I've got and mainstream media hasn't picked this up yet. So let's see how this one plays out. Meanwhile, sit back, relax and enjoy your trades.
You can read some of these other posts I've authored on the subject matter:
- These Banks Have Banned Cryptocurrency Purchase Through Debit & Credit Cards!
- Will Banksters Ruin Indian Economy?
- Are Banks Part Of The Corrupt Forces That Rule Us?
- Crypto India: Welcome To The Banking Banana Republic!
- Crypto India P2: Banking Banana Republic—What Banks Are For and What They Are Actually Doing!
- Making Sense of Indian Finance Minister's Statement in Parliament—Cryptocurrencies Aren't Banned In India!
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
- Steemit.Chat Contest #17 + Contest #16 Winners Announcement!
- Why You Should Vote For @firepower As Witness—Witness Campaign Post From India!
- India Steem Meetup #4—An AWESOME Meetup In New Delhi—India's Capital and 40+ Attended!
These type of draconian bans are sure signs of desperation. The banks are starting to realize that crypto will only continue to grow, and that their role in the future financial system will be very limited.
FirePower this is not a good news though but only one thing could be done and that is handle the situation very carefully.
I think the bigger problem will be for big exchanges who have accounts with them.
What is the update, now? Any news in the media because that causes the caos?
Yesterday my maternal aunt got a notice from income tax department in Kanpur. Two years ago I created her account in btcxindia exchange but she has not made any investment or transaction on it. Why she has got the notice. She is a housewife. Is there any need to go to income tax office for it or we should ingore it because we have not done any account creation in it. Please clarify sir.
@firepower I think this is just temporary, If Gov. of India is announcing Taxes on Bitcoin, how can any bank do this.
hodl....HODL....HODL
This is a negative development that I hope we don't see followed in other countries. Having said that, I don't believe governments are going to want to give up their control over their money supply so I won't be surprised if this happens elsewhere. Governments are too used to printing money so they can spend what they don't have.
This is sick. And been going on for a while. See this http://corporatebytes.in/after-visa-and-kotak-citibank-also-warns-customers-against-any-circulation-of-cryptocurrency/ - i got an email from my bank (Kotak) a few days as well. They aren't freezing the accounts but a warning was issued!
This will be funny for all of us and unpleasant for banks that did it in just a few years...
I would definitely like to know more.
Because that's quite aggressive, the banks here in Nigeria attempted a similar fit, when MMM (though a ponzi scheme not cryptocurrency) were still fully functional..
Though they claim they are protecting citizens interests, yet in truth they are scared of loosing customers.
Am so with you on this @firepower.. This only shows how these banks are trembling with panic. It's indeed funny how the public doesn't get to use the money they work hard for the way they want to. I credit the banks that are ensuring the smooth operations of cryptocurrency. This indeed is an avenue for revenue generation. And this generation can be used by the government to cover the huge debts and also work on infrastructure. This is a win win for both the people that are reaping huge and the government. And thus the government should step in to halt the banks which are making it harder for the exchanges to operate.
It's amazing my post is always with you
Wow. This is a hot news about bitcoin sir.
May be I will resteem this post
Thank sir
India got a constituition.If the government and the banks prevent the citizens from doing what they like to do,wouldnt it be the outright violation of the fundamental rights of citizens prescribed in articles 14 to 35?
Government has no control over the citizen's asset if he/she hasn't done anything wrong.The 'wrongs' that I have written here is precisely listed out in the constituition.
Its all about we people..No government is superior to its people..It is we who decide..As long as we have the desire to uplift our country in every aspect,there is no need to panic..A great awareness campaign covering entire population is what I think as the need of the hour!
nice post, I love it
Banks believe that cryptocurrency is a threat to their survival. What is going on there in India is happening in some Banks here too. There was an aggressive move against a scheme in 2016 threatening the existence of banking sector which later end to the effectual collapse of it. Many people lost a lot of money as a result of public outburst of Banks and the government proclaiming the scheme bad whereas their reason was to badmouth the scheme to safeguard the banking sector since they have access to our money anytime they need it.
I'm with you on this and will keep my finger cross for your next update
thanks for sharing this informative post.
Hey @firepower this was a very informative post and I liked your content I I am now following you so please welcome me to your community.
?All progressive societies have begun to adopt crypto, but india despite having a wide horizon for it is trying to curb the crypto. It is all due to political braindrain in india. The bank has only inplemebted the govt advisory. Other banks will follow. This all sugggest that we are not ready to keep pace with the times and adopt the novel technological innovations. May the good sense prevail.
same conditions in Pakistan.. Pakistan's central bank also making preparations to ban bitcoin. while other countries like japan and dubai are introducing their own crypto currencies, we are trying to stop them.. where we are going ???
Oh my god. I am so tired of this. Stop fucking telling me what to do with my own money, banks!
The banks are digging their own grave. This is why we need crypto.
Nice job bro
ThaNks dear sharing this informative and valuable post..I alwys see your post and follow you.
Is it a good news or bad? All other bank may follow?
Possibly this is the reason BTC, or per say other crypto currencies are going down drastically..
Indian trading volume doesn't affect the international price very much on an everyday basis. So don't worry about this. :) Oriental bank policy won't dent anything but this post is to inform users from our country.
Agree @firepower on Indian scenario.
Thanks for sharing this info. But, these news do have a very bearish effect. (not because of you obviously)
Will this change the way crypto currencies are used and its availability in the market?
What effects does it have allover the world?
its is highly a valuable & helpful for all of indians! @firepower
Thank you for your wonderful post. This is what steemit is looking out for.. Hard work.hiw I which I have good VP, I would have given you 100% for you good work..
How badly our govt is after these exchanges to stop people getting into cryptos.
Better would be to support us and make a framework around. I'm ok paying taxes on my earning but at least our govt should earn that and not do vasooli.
Wow.... Highlight news for bitcoiner in India... Resteemed
great post.good job.
your post is very good and success is always brother.
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thanks
intelligence and government policy is one way to realize a developed and developing country.
intelligence and government is a strange combination ;-)
@firepower
Indian banks r freezing bitcion exchange accounts
Indian govt giving for all crypto holders
thanks good post information
I have follow and vote you. do not forget to visit and vote I thank you
Really your every post give a new information always. Thanks for sharing Sir.
Bank guy 1: "Hey guys, I've got a great idea to solve this crypto currency problem! Let's just freeze anyone's account who uses bitcoin or an exchange! It'll make their life hell and they will surely realize that crypto is not the way to go!"
Bank guy 2: "Won't that just drive all of our customers who are into crypto away from our bank and towards our competitors?? Or even worse, won't that just get them to use crypto transactions between themselves, literally forcing them to realize they have no need for banks at all????"
Bank guy 1: "Nah, it's a solid plan bro. Send that memo!!"
Thank You for sharing this document and information! This is exactly why most crypto should be stored on hardware wallets. Be your your bank👍 I have resteemed this to share it on my steemit blog. Have a great weekend!
This is a hot news about bitcoin and Thank you for your wonderful post
No, That's not good. It is not a good news for Indian crypto users that the banks are doing this behavior to crypto. I am not holding a bank account in oriental but it is a sad news. Crypto currencies are future.
Let's see what will be the next update. I hope that their should be something good.
Crypto-assets are very famous, I am amazed with the world bank that is able to accommodate all forms of bitcoin buying and selling
@firepower
Indian Government should completely ban cryptos if they want to restrict people.
However, what I feel now is - banks have started to restrict people who are investing in cryptos, maybe the stage is set - the price of cryptos will increase by 4X this year??
So Bitcoin from 10k to 40k...?
I don't understand what the government of India actually has problem with the trading block chain cryptocurrencies bitcoins etc.. oriental bank has made the move now maybe few other banks make the move. Indian Government should start supporting then only It will be popular in india otherwise not..
Thanks bro @firepower for this news because i personally have an account in oriental bank of commerce and i was worried about those negative rumours of banning cryptocurrency trading via bank accounts but now iam very happy that I don't have to worry about this.
And today Zebpay also added Ethereum on their exchange and that is also a good sign that indian exchanges are very positive about the future of Cryptocurrencies and i hope they should add steem also on their exchange in near future.
Thanks for the news @firepower
What's going on? Who has given the banks any right to decide how I use my money? As long as I am not using my money for criminal purpose, why the hell should the bank bother.
Hardly heard the name if this bank.
I think they are getting over protective here. This is clearly a noncompetitive behavior of these banks. If they don't want to sell us fine then we will buy one on one directly through local bitcoins. It is going to be their loss now.
This is not good. Kind of setting precedent and ideas for others to follow up on the similar idea or to be lead to think that this is a great idea.
v don't have a legal tenders for bitcoin or crytocurencies in india but still its not illegal
and theirs isnt any law for imprisonment @firepower
Thank you for this pos, it shows how the system still needs to be worked on
All things go up and down, the price of cryptos, stocks etc. Just like social trends start and fade or political law like slavery and not slavery. The key is to be ahead of the curve.
Many people in this space are which is great, thanks for sharing info to help us stay ahead of the curve.
Best Regards~*~
my account is upvoting by itself automatically, my voting power keeps draining. can you explain please?
banks are very best and I like to save money in banks @firepower