Bitcoin trading banned in India ??????

[First77]

Top banks suspend accounts of major Bitcoin exchanges in India  

MUMBAI: Top lenders including State Bank of India, Axis BankBSE 1.12 %, HDFC BankBSE 1.00 %, ICICI Bank and Yes Bank have suspended some accounts of major Bitcoin exchanges in India, suspecting dubious transactions, three people aware of the development said.

The banks have also sought additional collateral from the promoters of these exchanges on their borrowings and have capped cash withdrawals from the few accounts that are still operational.

The banks are scrutinising current accounts held by top Bitcoin exchanges, a second person said. Action has been initiated against the top 10 Bitcoin exchanges including Zebpay, Unocoin, CoinSecure and BtcxIndia, said four people aware of the matter.

https://economictimes.indiatimes.com

[jtipt]

 The accounts of the exchanges in India were frozen after banks discovered they were used for reasons other than those stated when they were opened, the people said. At least eight accounts in various banks have been suspended, while others are being scrutinised and have had cash withdrawal limits imposed. Even the operational accounts could be suspended in the coming weeks, the people said.
"Reserve Bank of India has not issued any directive to us - it's a cautionary move on our part," a banker involved in the matter said. "We are wary about the purpose for which some of these current accounts are being used."

Neither is the trading banned nor any of the exchange banned. It was decision of the banks to freeze the account dude to certain suspicious activity as per them. The government or the RBI had not given the banks any directions it was a move made by the banks not the government. State of Bitcoin and Bitcoin trading is still same in India.

[krishnapramod]

WTF, really...lol...debt ridden exchanges...1:1 collateral...establishing an exchange on the loan from a bank...can't confirm about the loan, but do know certain banks not cooperating with exchanges, but nothing to do with a flying F*****g  ban.

[edi-mf]

Just click that sweet ignore button under OP's name.

[stompix]

FUD...or stupidity..or both.

If a bank freezes a store account it means vegetables are banned in that country?

Banks have suspended accounts of shady exchnges involved in shady dealings. And one mentioned in the article is an exchange that I remember was always 20% higher than the market.

Nothing is banned, nor bitcoin nor trading.

Just click that sweet ignore button under OP's name.

Wish I had a "nuke" button for situations like this.

[pawanjain]

Your title and the content you are posting are a complete mismatch. I do agree that the major banks have now suspended the accounts of major crypto currency exchanges of India but Bitcoin trading is not banned in India yet. The actions taken were made by the banks and not the government itself. Bitcoin and other crypto currencies will still be available for trading. The problem goes to the exchanges now and indirectly to it's customers.

[itsmeram]

This is fake guys, this is just another FUD created by a newbie, or just created by someone who has a butthurt and he decided to start creating panic selling all over the community. Just ignore this, it is not being banned right now.

[First77]

If a bank freezes a store account it means vegetables are banned in that country?

What does suspended/frozen bank accounts of top 10 Bitcoin exchanges mean ??  

HYIPs shut down after their bank accounts are frozen  

[Sumaiya55]

Its nothing else but a rumor that is spread for the purpose of dropping Bitcoin's price and take advantage of it.
There is no news about the government of India announcing anything like that. Just because the banks have banned or freezed some accounts, it doesn't mean trading gets banned.
Bitcoin gets banned when governments call for it, not if the banks take any step for their own good. And trading is banned when the exchanges are banned, not if some accounts are banned.

[First77]

Its nothing else but a rumor that is spread for the purpose of dropping Bitcoin's price and take advantage of it.
There is no news about the government of India announcing anything like that. Just because the banks have banned or freezed some accounts, it doesn't mean trading gets banned. Bitcoin gets banned when governments call for it, not if the banks take any step for their own good. And trading is banned when the exchanges are banned, not if some accounts are banned.

Indian Prime minister "Narendra Modi" went to the extent of banning/removing all the old currency notes in India in November 2016, just to kill black money and tax evasion.

[suvo05]

I read the report .
"Emailed queries to Zebpay, Coin-Secure and BtcxIndia did not elicit any response", "Bank did not respond to emails seeking comment" Then from where did the reporter get the news?
Government have not taken any step and all the step is taken by the bank only.

[Alone055]

Although India hasn't banned Bitcoins, the cryptocurrency is largely unregulated.

We have asked some of these companies to explain the businesses that they are involved in and why it was not specified when opening the accounts," said another banker who did not wish to be identified. "We will also be flagging some of these suspicious transactions with the concerned agencies.

I read the article, and it wasn't mentioned anywhere that trading is banned in India. Nor it says anything about banning bitcoin. The only reason why those accounts were suspended was they were found suspicious by the banks. It is clearly said in the article that there have been suspicious transactions in those accounts, and any bank in any country would do the same if they find such a thing, even if the account is not connected with bitcoin by any mean.

[Sumaiya55]

Its nothing else but a rumor that is spread for the purpose of dropping Bitcoin's price and take advantage of it.
There is no news about the government of India announcing anything like that. Just because the banks have banned or freezed some accounts, it doesn't mean trading gets banned. Bitcoin gets banned when governments call for it, not if the banks take any step for their own good. And trading is banned when the exchanges are banned, not if some accounts are banned.

Indian Prime minister "Narendra Modi" went to the extent of banning/removing all the old currency notes in India in November 2016, just to kill black money and tax evasion.

Currency "notes" and Digital Currencies are two different things. He never mentioned anything about banning crypto or digital currencies from India. His actions were only against fiat currency of India to finish money laundering, and not against Bitcoin or other digital currencies.

[SanjeewaCrypto]

It seems the trading has not been banned yet. If that happen, it will have adverse effects on the growth of the Indian economy.

[Irvinn]

I was attracted by the name of this topic that in India it is prohibited to trade bitcoin. As it turned out, this name does not correspond to its content. It's just that banks in India are checking some dubious accounts and this is normal activity. There was really no prohibition of trade in crypto currency in India.

[rodalutor]

Top banks suspend accounts of major Bitcoin exchanges in India 

MUMBAI: Top lenders including State Bank of India, Axis BankBSE 1.12 %, HDFC BankBSE 1.00 %, ICICI Bank and Yes Bank have suspended some accounts of major Bitcoin exchanges in India, suspecting dubious transactions, three people aware of the development said.

The banks have also sought additional collateral from the promoters of these exchanges on their borrowings and have capped cash withdrawals from the few accounts that are still operational.

The banks are scrutinising current accounts held by top Bitcoin exchanges, a second person said. Action has been initiated against the top 10 Bitcoin exchanges including Zebpay, Unocoin, CoinSecure and BtcxIndia, said four people aware of the matter.

https://economictimes.indiatimes.com

What is it with people spreading FUD? It's the same thing with South Korea, it's highly logical and long term a good step for their to be further regulation in place and to crack down on suspicious trading activity.

[mackenzie5]

  I don't think that bitcoin trading will be banned in India, may be some exchanges may get banned because the banks have been scrutinising the customers accounts for last one year itself  .

[audrey12]

I think the news has been wrongly interpreted or should I say it is over reacting. India does not banned bitcoin exchanges there are only some issues they see that needs to be address or should be looking at that's why they need to suspend some suspicious activity. Some governments are now looking into bitcoin and all other alts since it started to pump and hit the market and make a lot of noise in 2017 so I will not be surprise if certain regulations will come out for them to have control over cryptos

[nikjain422]

I don't believe this as there are many friends of mine whose primary earnings comes from Cryptotrading.And they are happily transferring all their earnings in their bank account without any hesitation.Even the exchanges are working all fine as many of us are using Zebpay and it is giving absolutely great service.There are some fake news coming but that are meant for ignorance.Trading is working allright so are exchanges and on contrary the craze and trust on bitcoin and other alts is increasing.

[Itjoker]

Governments just try to leave management of monetary politics under their control. But process of cryptonezing is started and it is inevitably.