An Indian bank, Kotak Mahindra Bank Limited, has gone ahead to come down hard on cryptocurrency users and begun the process for closing down their accounts under directions from the Reserve Bank of India, India's banking regulatory authority besides being the country's central bank.
READ MORE: Indian Techies Riding the Blockchain Wave, With or Without Cryptocurrencies
The outrage was near unanimous:
"More Bitcoin is oppressed more adoption will take place. Good for Virtual currency", hailed one tweet.
More Bitcoin is oppressed more adoption will take place. Good for Virtual currency.
— Hiren Rajput, CMT (@rajputnrajput) January 13, 2019
One tweet prophesied a death knell to the bank.
How embarrassing for you @KotakBankLtd Looking forward to the day when cryptocurrency puts you out of business.
— #Hodler of Last Resort ⚡️ (@BitcoinWalter) January 13, 2019
One responder trashed the legacy financial systems currently prevailing over newer financial avenues like cryptocurrency.
Wow we're in 2019 right!?!? Legacy Financial Systems, Technology has its crosshairs on you. You either innovate or you become obsolete. In your case @KotakBankLtd….it's the latter. Rise Up India! Freedom belongs to the Masses not the select few!
— Jon Balaricia (@JonBalaricia) January 13, 2019
Calling it a "height of stupidity", one tweet decried the "double standards" adopted by the Indian authorities.
Hight of stupidity… Other side government is advertising digital currency is future in the same this is happening pic.twitter.com/dv1CpkAY0i
— Kutty_XRP Holder (@1702Kathir) January 13, 2019
The user Arjun tweeted, "Bank owners are the richest people in the world. They have % of each transaction. People should get freedom from this [sic] idiots. No need any more intermediaries. Time will come both sellers and buyers accept crypto, Like Venezuela. Bank try to stop this. But impossible to stop crpto".
Bank owners are the richest people in the world. They have % of each transaction. People should get freedom from this idiots. No need any more intermediaries. Time will come both sellers and buyers accept crypto, Like Venezuela. Bank try to stop this. But impossible to stop crpto
— Arjun (@arjun63588625) January 13, 2019
There was one voice that said that the fault did not lie with the bank, but with the country's banking regulatory authority, the Reserve Bank of India.
more detail as to back story here. @KotakBankLtd are one of the more progressive banks in India. But regs are regs (whether they are right or wrong locally/internationally is another question) Kotak LEGALLY must abide my them.
— Fazzyfocus (@fazzyfocus) January 13, 2019
direct your anger at @RBI https://t.co/2J7nlJuSEC
