04:38 GMT19 February 2020
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    Cryptocurrency enthusiasts and blockchain technology fans minced no words regarding the action of the bank against an account holder, who was also a Bitcoin user.

    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.

    A letter from the Kotak Mahindra Bank to one of its account holders giving notice of the clampdown leaked onto the social media. The letter stated that the customer's account needs to be closed because it was involved in crypto trade.

    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.

    One tweet prophesied a death knell to the bank.

    One responder trashed the legacy financial systems currently prevailing over newer financial avenues like cryptocurrency.

    ​Calling it a "height of stupidity", one tweet decried the "double standards" adopted by the Indian authorities.

    ​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".

    ​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.


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