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Title: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: avikz on March 25, 2018, 07:33:57 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, 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. 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. Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: coinmaster241 on March 25, 2018, 08:53:10 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.
Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: CodyAlfaridzi on March 25, 2018, 09:01:17 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.
Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: botany on March 25, 2018, 09:09:55 AM 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. It is a risk to the banks' business, and not just indirectly. Banks have an obligation to monitor accounts for unusual activity and to report suspicious transactions. They may be subject to huge fines and regulatory actions if they are used for money laundering and they did not take 'due care' to prevent it. Since they cannot trace the flow of money accurately where cryptocurrencies are concerned, it is natural for them to dissuade customers from dealing in cryptocurrencies. If I am not mistaken, banks are under no obligation to allow you to maintain an account with them. They can close your account saying that you have violated their terms and conditions (although you can take your money out). In India's case, with the central bank making a case against virtual currencies, I think banks will impose more and more restrictions on cryptocurrency transactions going forward. Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: Adioliver on March 25, 2018, 09:22:42 AM Lol..I don't know why india likes to create panic all the time.They take everything too seriously, recently there was a ban on porn,like man really !?Its ridiculous right!!!!!. However the ban was lifted soon cause even the people who supported the ban of porn couldn't live without it and in the end the ban was lifted.Now the government has put it's attention towards cryptocurrencies and they think that cryptocurrencies will lead to loss of many people's money.But cryptocurrencies is really interesting and safe to deal with if you have the basic knowledge of buying, holding and selling it.I think Indian Banks should not have taken such steps, cryptocurrencies have a great future ahead and can be a secondary source of income for many provided they accept cryptocurrencies as a legal tender.
Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: Tharel on March 25, 2018, 09:25:54 AM Expect more of these as banks are being left behind when it comes to cryptocurrencies/blockchain technology. They'll definitely do whatever they can in order to destroy crypto because it's a threat to these financial institutions. Good thing in my country there are banks that are still accepting bitcoin transactions.
Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: De4ted on March 25, 2018, 09:30:06 AM This is another issue that will affect the crypto world, well all holders must expect a coins price decrease again but at least we know the reason why the coins will go down on the next days or weeks and we dont have to worry the market will be back to normal again after this struggles and maybe it will pump higher than before after this.
Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: RamonBTC on March 25, 2018, 09:34:18 AM Need more than that. In my observation they can’t fool the masses with this kind of chain emails propaganda’s. They just given their clients the reason to doubts if they only care for them or just being too afraid about what can a cryptocurrency coin can do to the banking institutions.
A form may secretly been sent, but with the presence of crypto users worldwide this won’t be just be private and their desperation would eventually show. Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: Wulanayu on March 25, 2018, 09:40:20 AM I think it's just a tactic of government that lower-class society does not become a society that turns into an upper class, because they know the positive impact of bitcoin for society, I'm sure the government and the bank come into play in bitcoin or other virtual money.
as long as bitcoin does not harm you why be afraid, do not be provoked by unconfirmed speech. Bitcoin stands already 9 years and you can see the creator and the history of bitcoin so believe me with proof instead of nonsense. Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: Crypdon on March 25, 2018, 09:57:48 AM It is because they feel threatened. Within 10 years the number of banks on the high street will be reduced and people take control of their own finances in the form of bitcoin. Banks will only be used by the old timers who are unfamiliar with the new technology. They can keep sending FUD but the crypto takeover is inevitable.
Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: shone08 on March 25, 2018, 10:06:23 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. I agree with you nothing new with this warning since most people are now accepting crypto currency most bank are warning their client to avoid using this cryptocurrency this indicate that using crypto are risky I already read some article regarding this issues and it will give more negative to cryptoworld since the government just want to regulating cryptocurrency, but they will never destroy bitcoin :) Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: Dudeperfect on March 25, 2018, 10:14:28 AM Agree, some banks are blocking the debit and credit cards of the users who are trying to invest in Bitcoin or cryptocurrencies. Technically this is a critical attack on the freedom of users by making efforts to restrict them to use their money. Be trusted banks with a simple philosophy that bank will give us our money whenever we will need it but in such cases bands are actually deciding where you should spend your money and where you should not. I do see this as an opportunity for decentralized payment system to grow with a massive rate of growth in the coming years and I am optimistic about it.
Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: mintomia199 on March 25, 2018, 10:16:16 AM The concept of bitcoin and all other crypto currency will change the whole traditional system of bank.SO of course bank always discourage people to stop playing bitcoin or any crypto.I think in some cases banks also buy crypto while discouraging others.
Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: simpleholmes on March 25, 2018, 10:17:41 AM many times I have seen examples like this as banks try to blur the mind of investors with different strategies. This means that they really are concerned from cryptos and if we give more effort they may lose their authority in future.
Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: BitcoinHodler on March 25, 2018, 10:20:05 AM this doesn't sound so bad in my opinion. this is more of a warning and it is a good warning that every bank in any country has already released a long time ago, ever since price went high and media was filled with bitcoin news. they have to warn people because there are always some of them who will throw everything they own at cryptocurrencies and when they lose they lose a lot.
the negativity was from the US banks like GP Morgan which has been attacking bitcoin constantly and went as far as directly calling it "fraud". Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: JerryJam on March 25, 2018, 10:44:28 AM Banks have a negative attitude towards cryptocurrencies. They see it as their competitor. Banks have always acted in the role of a mediator. And with the spread of cryptocurrencies, they will lose this ability. And over time, they may disappear out of need for Fear for their reputation, they try to convince their customers that bitcoin is bad. Engaged in sending letters of questionable content, they are trying to attract more customers and keep their positions as a leader. I believe that you do not need to believe the dubious propaganda.
Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: Washball on March 25, 2018, 11:01:35 AM Banks in India see cryptocurrencies as a real threat and they will do anything to consolidate their power. They are aware that people could step in and invest in cryptocurrencies, so bank accounts would run empty. By spreading FUD they want to keep people away from cryptocurrencies. But once crypto is accepted in most countries of the world, India cannot afford to stay behind and then it will also accept.
Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: leland orser on March 25, 2018, 11:06:29 AM Many Banks are now banned from using credit CARDS to buy encrypted currencies.
Because the current market for cryptographic money is still not stable enough, lending to people is a risky behavior. Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: Rath_ on March 25, 2018, 11:06:49 AM I am afraid that banks have already started war with us. Many banks in my country terminate the contract with people who buy or sell cryptocurrencies (usually it happens to businesses but consumers are being hurt more and more often). They used to only block the transaction for a couple of hours. They are trying to convince people who don't know much or anything about cryptocurrencies that it is all for their "safety". I think I heard it somewhere before... That's a sign that they understand the threat so they are trying to fight with it.
Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: n0ne on March 25, 2018, 11:09:38 AM Not only from banking network, but from different service based sectors cryptocurrency has been nailed with negative news. This is all because of the growth it attained in a much shorter time period. This is just a small threat which will be easily resolved by the cryptocurrency community.
Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: VitKoyn on March 25, 2018, 11:10:01 AM It's not shocking and it's normal that banks are always giving warning to people from using cryptocurrency, but I won't take it as a creation of negativity or an attack, we all know that investing in cryptocurrencies are riskier than other markets. In my country, the central bank (BSP) also warned people from investing in Bitcoin and other cryptocurrencies because they are highly volatile but there are no bad effects that makes other people here panic from selling their coins. We have to understand what banks are doing here and we should know how to differentiate an attack to cryptocurrency and the facts, because not all statements that banks are announcing have bad impact to crypto market, sometimes we are just being too emotional.
Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: Lucius on March 25, 2018, 11:10:58 AM There is no doubt that banks feel great fear and discomfort when it comes to cryptocurrency,and reason is very simple-they can not profit from something like that.Since banks exist only because of making profit anything which can deprive them of that profit are considered a threat.Probably part of the profit is already lost globally,sending e-mails to clients is just part of their strategy.
I think that the authorities in India should deal with much more serious problems of society,let's say the rights of womens which almost does not exist or how to provide worthy life of people(600 millions people do not have sewage network). Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: rowel21 on March 25, 2018, 11:19:09 AM I thought banks are ready to merged with crypto system cause they don't have a choice in the past TV news banks are making a bad comments in btc and just making hear say that this is just a way of scam but suddenly lot of Banks saying that they ready to hug the cryptosystem
Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: BrewMaster on March 25, 2018, 11:28:04 AM this is India we are talking about and their government has been doing some shady financial stuff for the past couple of years and they are putting their people under a lot of financial pressure. of course they see bitcoin as a threat and will spread fear about it. they don't want people to have that option to escape the government tyranny.
Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: Raziel444 on March 25, 2018, 11:34:58 AM Banks are getting alarmed in what decentralized cryptos could do to them, so it is expected from banks to such interventions to protect their business. we supporters should be firm and should not be affected with those negativity. we should also learn how to differentiate the real atracks to cryptos from advisories on the volatility of bitcoin and other altcoins.
Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: boybitcoin on March 25, 2018, 11:47:41 AM They hinder those people who would like to join bitcoin, what they did is a kind of discouragement to those who might want to join bitcoin, it could create a panic to those who wants to join.. but then not all banks are not favored to bitcoin some are not, in Philippines BSP wants to be a part of the crypto currency..
Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: Roman Coinson on March 25, 2018, 11:49:48 AM Banks are very afraid of crypto-currency, although they don't understand that they could use the blockchain technology.
Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: warrior333 on March 25, 2018, 11:52:26 AM this is India we are talking about and their government has been doing some shady financial stuff for the past couple of years and they are putting their people under a lot of financial pressure. of course they see bitcoin as a threat and will spread fear about it. they don't want people to have that option to escape the government tyranny. The trouble is not that bankers in India or in other countries spread fud about bitcoins. This can not stop the spread of bitcoin. People are attracted to is not a cryptocurrency. They are attracted by the opportunities that cryptocurrencies provide to them. But bankers create problems for users of bitcoin and it can significantly complicate process of their distribution.Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: peter0425 on March 25, 2018, 12:00:01 PM I thought banks are ready to merged with crypto system cause they don't have a choice in the past TV news banks are making a bad comments in btc and just making hear say that this is just a way of scam but suddenly lot of Banks saying that they ready to hug the cryptosystem I don't know where you get that idea that banks is ready to merge with cryptos, on the contrary they are opposed on everything related to bitcoin and crypto. What they want to used is blockchain though, the underlying technology behind bitcoin. So that really ironic that they attack crypto's but they love the technology. Anyways, I think that this will be a ongoing battle and no one will emerge as the winner here. As for us, I'm happy to take advantage of both. But banks should not be threatened though, because crypto cannot make them obsolete because they are already a established system. Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: ololajulo on March 25, 2018, 12:01:01 PM Cryptocurrency has always been a threat to the banking sectors and most of the leading bodies of the banking sector in each country had usually reacted to the adoption on cryptocurrency. However, the nature of cryptocurrency limits their influence but they still use their small range of influence such as exchanges in their countries, to prevent conversion to fiat. It might take time to be convincing but the companies coming out ICOs for every county will educate the populace on the adoption advantages
Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: tomahawk9 on March 25, 2018, 12:06:39 PM What a sensationalist and misleading title.
First, you said "Major global banks" and "organized effort undertaken by the banks", making it sound like there's a worldwide crackdown on Bitcoin yet it's only one bank who sent an email/warning back in December 2017. Second, what negativity? I know how some banks have been attacking Bitcoin and some others don't like anything related to cryptocurrencies but, in this case, the RBI is concerned and it's simply trying to warn their customers so they can be cautious around cryptos. Cryptocurrencies isn't something to be taken lightly, if people aren't careful and don't consider the risks involved when dealing with cryptos, they can lose their money. So, I don't see any negativity from what you posted. Came in expecting to read something serious but, instead, fell for a clickbait/misleading title. Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: Juggy777 on March 25, 2018, 12:07:13 PM Major global banks have already cleared their intention towards crypto currency by spreading negative news about it. 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. This is a bank of an Asian country, which has time and time again declared it's intention of being negative towards bitcoins, they're not banning it but trying to create fud and cause price drops by such unwarranted statements. It is pertinent to note here some global banks are also indulging in this kind of shady behaviour, which confirms our fact that banks consider bitcoins as it's rival mistress and they're jealous. Sigh, nothing can be done except to find a bank which allows this transactions lol. Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: krishnapramod on March 25, 2018, 01:13:44 PM Since Arun Jaitley's budget speech, a few major banks had suspended accounts of top Bitcoin exchanges. Although the Indian government has been issuing warnings since 2013 to avoid investing in cryptocurrencies, so far the stance has been somewhat neutral to borderline negative, but with no clear directives from the government/RBI, some banks especially the private sector banks are barring exchanges from using their services and banning crypto purchases via cards, can call it an organized effort or precaution/aggressive approach in the absence of any clear mandate. Exchanges are forced to use services of smaller banks and it's business as usual, but this uncertain regulatory stance from the government is affecting trading volumes and entry of new investors into the crypto market. This will continue until the government comes up with clear regulations on cryptocurrencies and exchanges.
Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: munareal on March 25, 2018, 01:28:32 PM This is good for crypto community because it shows the fear they have for it not only that it creates awareness for crypto currencies even though is negative presently but that will change over time
Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: SaiWAFU on March 25, 2018, 01:34:22 PM Banks traditionaly regulates transactions. Since bitcoin became popular and it became as an alternative way to transact banks profits became less, since banks earn from their clients.
Don't need to be alarmed but this kind of news still affects bitcoin. Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: WannaCry on March 25, 2018, 01:42:50 PM I really think that banks are scared of cryptocurrency. Most people are choosing to invest in cryptocurrency instead of saving their money in banks because it is way more profitable than saving all your money in the bank. Banks are losing their customers and they are disbursing a lot of money because people are withdrawing their money in their bank accounts just to invest in crypto.
Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: Shafiqul Islam on March 25, 2018, 01:49:58 PM 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. Bank doesn't accept or deal with bitcoin because they can't get any trading and transactions fee because bitcoin trading with online exchanges platform. They show negative idea and impact on bitcoin. Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: avikz on March 25, 2018, 06:23:08 PM What a sensationalist and misleading title. First, you said "Major global banks" and "organized effort undertaken by the banks", making it sound like there's a worldwide crackdown on Bitcoin yet it's only one bank who sent an email/warning back in December 2017. Second, what negativity? I know how some banks have been attacking Bitcoin and some others don't like anything related to cryptocurrencies but, in this case, the RBI is concerned and it's simply trying to warn their customers so they can be cautious around cryptos. Cryptocurrencies isn't something to be taken lightly, if people aren't careful and don't consider the risks involved when dealing with cryptos, they can lose their money. So, I don't see any negativity from what you posted. Came in expecting to read something serious but, instead, fell for a clickbait/misleading title. Sorry, if you felt that way! But this is not something from the past. RBI issued such warning in December 2017 but this email came only today. This is from one of the major banking player from India. When I talk about major global banks, it means JPM, Lloyds, PBOC etc. But when I checked this email today morning, I was worried because this kind of emails are enough to create confusion in people's mind. This kind of emails can actually slow down the growth of crypto currency in India. Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: Kprawn on March 25, 2018, 06:59:31 PM 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. Have you read the email? Would you invest in Crypto currencies after you read that email? This is just another reason why central authorities like this needs to be destroyed. They will misuse their power to "brain wash" people into believing that they are the only real solution. Banks are the most corrupt industry in this world and the government supports them. >:( Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: daarul50 on March 25, 2018, 08:43:36 PM All crypto users already know how the risks of investing and bitcoin transactions. Naturally, some banks remind their customers to be careful to make transactions using bitcoin. The email is actually very good because the bank has reminded us to continue to be careful using bitcoin as an asset in investing. We should be grateful when we are reminded like this so we can be more careful in storing digital assets that we have in a virtual wallet to always use the security available.
For those who do not understand crypto maybe they will feel confused when getting such emails but maybe also they will be curious and find information about bitcoin and hopefully the curiosity makes them interested in using bitcoin as an investment and use it as a method of payment. The email also I think to be a positive thing because indirectly the email has become a promotional material to introduce bitcoin to its customers. Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: nelson4lov on March 25, 2018, 08:56:21 PM All crypto users already know how the risks of investing and bitcoin transactions. Naturally, some banks remind their customers to be careful to make transactions using bitcoin. The email is actually very good because the bank has reminded us to continue to be careful using bitcoin as an asset in investing. We should be grateful when we are reminded like this so we can be more careful in storing digital assets that we have in a virtual wallet to always use the security available. For those who do not understand crypto maybe they will feel confused when getting such emails but maybe also they will be curious and find information about bitcoin and hopefully the curiosity makes them interested in using bitcoin as an investment and use it as a method of payment. The email also I think to be a positive thing because indirectly the email has become a promotional material to introduce bitcoin to its customers. Don't try to sugarcoat it. We know the end game when banks do stuffs like this. They only tried to sound as neutral as possible in the email. A person who was previously interested in getting involved with Cryptocurrencies would be having a change of heart after reading the email. Banks have always been about spreading negativity about cryptos so I'm not surprised. Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: Leyss on March 25, 2018, 09:06:48 PM Banks lose their clients due to the emergence of crypto currency and a significant part of their profits. Therefore, they have always been hostile to the crypto currency. At this time, when the popularity of bitcoin was shaken and the crypto currency after bitcoin fell and lies on the price day, they try to turn as many people away from the crypto currency. Especially such letters here will act on people who are not familiar with the crypto currency. They are used to trusting banks and therefore such even relatively neutral information, in which it is only recalled that a crypto currency is a certain risk, is enough so that some people do not even try to be interested in it in the future.
Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: cryptohunter on March 25, 2018, 09:13:50 PM bank of india??
you nearly had me concerned then Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: stellaekun on March 25, 2018, 09:19:06 PM 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. Thanks for sharing this mail,it show how the government is really determined to scare people off bitcoin that could potential make their life easier in many ways.The Japanese are having an increase in their GDP due to the positive impact of bitcoins because their government allowed their citizens to profit from bitcoins,on thee contrary,we are having the government of india banning its citizens from bitcoins,even threatening its citizens.They are employing the old cliche that bitcoins are used to finance illegal activities.Reserve bank of india should think of the interest of its citizens.this is sad. 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. 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. Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: avikz on March 26, 2018, 09:02:43 AM All crypto users already know how the risks of investing and bitcoin transactions. Naturally, some banks remind their customers to be careful to make transactions using bitcoin. The email is actually very good because the bank has reminded us to continue to be careful using bitcoin as an asset in investing. We should be grateful when we are reminded like this so we can be more careful in storing digital assets that we have in a virtual wallet to always use the security available. For those who do not understand crypto maybe they will feel confused when getting such emails but maybe also they will be curious and find information about bitcoin and hopefully the curiosity makes them interested in using bitcoin as an investment and use it as a method of payment. The email also I think to be a positive thing because indirectly the email has become a promotional material to introduce bitcoin to its customers. Don't try to sugarcoat it. We know the end game when banks do stuffs like this. They only tried to sound as neutral as possible in the email. A person who was previously interested in getting involved with Cryptocurrencies would be having a change of heart after reading the email. Banks have always been about spreading negativity about cryptos so I'm not surprised. Absolutely! That's the main point of the discussion. They are just trying to sound neutral but these kinds of mailers are actually creating confusion. Especially for the people with conventional mindset. They would never think about bitcoin and crypto currency again since their bank has sent out an email asking to take caution. That's as bad as spreading negativity. bank of india?? you nearly had me concerned then No, it's not Bank of India. It's IDBI Bank headquartered in Mumbai. Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: boyshx on March 26, 2018, 09:06:50 AM You have taken this news in completely wrong way.
It is not negative mailer at all and neither they are trying to show that crypto currency is dangerous to use for yourself. They are just earning you about the risks that are involved in the crypto currencies which is concern of global and local ledgers. Indian budget report is the source for this statement and they clearly stated that India is just amongst the countries where the bitcoin is not legal tender which means that the country is not liable to any loss, hacks, or all the negative things that may happen by using the bitcoin and your involvement into it. They are not banning it or not saying that you dont use it but they are just stating that you use it at your own risk. Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: nedeken01 on March 26, 2018, 08:44:46 PM It’s not a new thing happening in currency world. The email is just reminding that virtual currencies, including crypto and Bitcoin, are risky and has not been legalize yet by your government. This is basically insecurities of the banks.
Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: senin on March 26, 2018, 08:46:15 PM Even if banks send notices with seemingly neutral information that a crypto currency is a risky investment of funds, it will be for the part of the population working as agitation against the crypto currency, since a large part of the population is used to trusting banks and after that they will not even be interested in crypto currency. Thus, banks are struggling for their customers taking into account the fact that the crypto currency is distracting them from banks and they suffer huge losses from this.
Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: SiDtHeBeSt on March 26, 2018, 08:51:31 PM Well that is definitely true, these things might make it hard to attract new people to invest in bitcoins or any other cryptlcurrencies. The banks already know that bitcoins and other cryptos are a threat to them as they are a very good investment, which are very profitable and as the number of people investing in cryptos increase, the number of people investing in the banks would decrease. So, they are just trying to spread negativity about cryptos. But, I think as time passes people would come to know about the truth and the number of investors in cryptos would keep on increasing.
Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: Escf4 on March 26, 2018, 08:53:41 PM When we look at it it is just warning to everybody that bitcoin and cryptocurrency might be dangerous especially it it is attack by hackers, and the bank make some advisory about crypto that it is not good investment ,this is so because bank are afraid that bitcoin might be the number one competence in banking and other financial institution , but if people are really convinced in bitcoin so life goes on bitcoin
Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: joebrook on March 26, 2018, 09:01:28 PM 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. Though this is not negative but they are also making sure that people are not going to invest into bitcoins but rather invest in their services or save their money at their banks but I think that the Government of India should make their final stance on whether they are going to legalize Bitcoins or Not.Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: walemil on March 26, 2018, 09:30:26 PM This is not new at all. Banks see cryptocurrency as a threat to their liquidity. They have noticed the very high rate of transfer of funds by customers from bank accounts to be invested in cryptocurrencies. It is up to people to stand up for what they believe in. Cryptocurrency has come to stay.
Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: Yankae on March 26, 2018, 09:45:47 PM Well this is not a surprise though,banks are aware of bitcoins potential and the possible outcome for thier company.Banks are afraid of losing profit from their service,warning people by its negative and not stating the positive as well for their own benifits.
Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: Doge dealer on March 26, 2018, 10:21:04 PM this is to be expected because no one gives up there "bread and butter " without a fight , i even sympathize with the untenable position these banks find themselves in because bitcoins has the ability to re channel the monies that these institutions would receive into its coins ,thereby reducing their profit margins and creating an unhappy board .
Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: congtuan001122asd on March 26, 2018, 11:21:40 PM When bitcoin thrives, many people know bitcoin and use it. They will invest in bitcoin instead of depositing money into the bank. they use the services of bitcoin. The bank's benefits are reduced. Therefore, the banks sent out letters seriely to produce negative about bitcoin.
Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: xuan87 on March 27, 2018, 12:15:01 AM Actually there are nothing wrong with that announcement, it maybe can be the way to weakened the crypto but it also can be simple warning for crypto investors to be more careful, the country got a responsibility to protect the citizen from being scammed, so they create this announcement and hope everyone to know the danger before investing in crypto
Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: mekusproj on March 27, 2018, 12:29:17 AM All this is aimed at discouraging the use of bitcoin and other crytocurrencies and at the same time trying to see if they can gain control of it for their monitoring.
These are tough times for crytocurrencies but are also good times because, as happened in the past, bitcoin will bounce back to full recognition. Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: xfaqs01 on March 27, 2018, 12:34:28 AM not just banks but the governments itself, the big companies such as google, facebook twitter etc, if any firm or institutions felt theyll be replaced or somehow threatened by the blockchain tech they will just ban , regulate or restrict it, but this not something new that can stop bitcoin, china did but it didnt work out, what more can they do but to just spread fud thats all, this is revolution no one can stop this.
Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: heureca on March 27, 2018, 01:24:01 AM Yeah, all these news push criptocurrency market down. At present criptocurrency market needs strong support to pump again
Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: rsrb on March 27, 2018, 05:01:27 AM Nothing surprising. Banks will play their part to be in the upper hand. These actions actually reflects their panic and tension. Positive thing is, while they are awarding people in their own way, they are actually introducing Crypto and blockchain to many people. Human has got a very strange curious mind, this curiosity will bring people in Crypto, I think.
Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: yudif on March 27, 2018, 05:33:36 AM This is something that will happen every time a new technology tries to compete with banks or already established businesses. I do not think that it will effect bitcoins in the long run as bitcoin has always survived such news in the past.
Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: joel123 on March 27, 2018, 10:40:54 AM These are just making people scared and make them panic sell their coins. Banks doing this is so shady as they have no reasons for this unless they are scared because they know bitcoin is way better than the services which they offer to people.
Title: Re: Banks are now sending mass mailer to create negativity about cryptocurrency Post by: AniviaBtc on March 27, 2018, 11:02:42 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. Only negative here are people who do not really know what the crypto can do for our lives. And that's right, it's just a reminder that we should be careful about the crypto currency because we can lose it because of its incorrect use |
