Topic: Banks are now sending mass mailer to create negativity about cryptocurrency - page 4. (Read 502 times)
March 25, 2018, 04:01:17 AM
Nothing new I think. The email just reminding you that virtual currencies, including crypto and Bitcoin, are risky and has not been legalize yet by your government. I really don't see any negativity from the email.
March 25, 2018, 03:53:10 AM
Cornering the holders of the crypto in the country, worrying if this information is true from the Bank concerned, Perhaps because investors are diminishing and turning to investment crypto eventually banks make such statements, My advice should be as long as the country has not made an absolute decision regarding crypto do not be consumed by negative news. Whether it's from the bank itself or other parties besides the state's decision.
March 25, 2018, 02:33:57 AM
Major global banks have already cleared their intention towards crypto currency by spreading negative news about it. Many banks have suspended accounts of crypto business entities. Overall banks are extremely negative about this crypto currency market and they are trying to discourage people from using it in an organized way. They have thrown us in to a challenge where the playing ground is not even. However, banks in India have not yet shown any big threat to the crypto related business until today.
Today morning while checking my email, I found an email sent out by my bank that talks about crypto currency. While the tone of the email is pretty much neutral but that's enough to create a confusion among the people especially those who doesn't know anything about crypto currency in general. See the picture below,
Just in case, the picture doesn't show up, I have copied the text from the email below,
This is an organized effort undertaken by the banks to discourage general people from the crypto currency. I don't know what legal grounds they have but it is clear that they are considering crypto currency as a potential risk to their business. If this continues, it will be hard for the community to attract new investors.
Today morning while checking my email, I found an email sent out by my bank that talks about crypto currency. While the tone of the email is pretty much neutral but that's enough to create a confusion among the people especially those who doesn't know anything about crypto currency in general. See the picture below,
Just in case, the picture doesn't show up, I have copied the text from the email below,
Quote
Dear Customer,
We request you to take note of the following important information.
Reserve Bank of India (RBI), vide its press releases dated December 05, 2017 has raised concerns and cautioned users, holders and traders of Virtual Currencies (VCs), including Bitcoins, regarding the potential economic, financial, operational, legal, customer protection and security related risks associated in dealing with such VCs and also clarified that it has not given any licence/authorization to any entity/company to operate such schemes or deal with Bitcoin or any VC.
The Government has also advised that “Distributed ledger system or the block chain technology allows organization of any chain of records or transactions without the need of intermediaries. The Government does not consider crypto-currencies legal tender or coin and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system.”
Given concerns, both globally and locally including from the Reserve Bank of India, IDBI Bank would like to caution you regarding the potential economic, financial, operational, legal, customer protection and security related risks associated in dealing with cryptocurrencies, including Bitcoins and virtual currencies.
Assuring you of our best services at all times.
Regards,
IDBI Bank Ltd., Mumbai.
We request you to take note of the following important information.
Reserve Bank of India (RBI), vide its press releases dated December 05, 2017 has raised concerns and cautioned users, holders and traders of Virtual Currencies (VCs), including Bitcoins, regarding the potential economic, financial, operational, legal, customer protection and security related risks associated in dealing with such VCs and also clarified that it has not given any licence/authorization to any entity/company to operate such schemes or deal with Bitcoin or any VC.
The Government has also advised that “Distributed ledger system or the block chain technology allows organization of any chain of records or transactions without the need of intermediaries. The Government does not consider crypto-currencies legal tender or coin and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system.”
Given concerns, both globally and locally including from the Reserve Bank of India, IDBI Bank would like to caution you regarding the potential economic, financial, operational, legal, customer protection and security related risks associated in dealing with cryptocurrencies, including Bitcoins and virtual currencies.
Assuring you of our best services at all times.
Regards,
IDBI Bank Ltd., Mumbai.
This is an organized effort undertaken by the banks to discourage general people from the crypto currency. I don't know what legal grounds they have but it is clear that they are considering crypto currency as a potential risk to their business. If this continues, it will be hard for the community to attract new investors.
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