Banks are now sending mass mailer to create negativity about cryptocurrency

[nelson4lov]

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.

[Leyss]

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.

[cryptohunter]

bank of india??

you nearly had me concerned then

[stellaekun]

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,

https://i.imgur.com/P7IxdNz.jpg

Just in case, the picture doesn't show up, I have copied the text from the email below,

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.

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.

[avikz]

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.

[boyshx]

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.

[nedeken01]

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.

[senin]

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.

[SiDtHeBeSt]

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.

[Escf4]

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

[joebrook]

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.

[walemil]

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.

[Yankae]

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.

[Doge dealer]

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 .

[congtuan001122asd]

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.

[xuan87]

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

[mekusproj]

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.

[xfaqs01]

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.

[heureca]

Yeah, all these news push criptocurrency market down. At present criptocurrency market needs strong support to pump again

[rsrb]

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.