Bitcoin trading banned in India ??????

[thelemot]

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

the title you postings does not match what you discussed, the bank only limits the withdrawal does not block or prohibit the trading of bitcoins. it would be better post to customize what you discussed

[teejaymuna]

You might want to review the title of your discussion. BTC hasn't been banned in India. The bank management froze some accounts and not even the government.

[batang_bitcoin]

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.

I'm suspicious with the link indicated at the first post so thanks to this man you made it easier. I assume that first77 is just spreading a FUD. Look at his post history, he posted this topic for nothing. He posted in other topics and did some few replies to this thread. He also spams the whole thread to other topic like this one https://bitcointalk.org/index.php?topic=2078447.msg28563963#msg28563963

You might want to review the title of your discussion. BTC hasn't been banned in India. The bank management froze some accounts and not even the government.

He's misleading people and he won't take look to your suggestion of reviewing and changing his topic title as it has been suggested by others.

[olubams]

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

Until I read an official release on the statement its still going to be regarded as rumour. I would want a more reliable source rather than anonymous people who are quoted to be aware of the situation. When government when to ban bitcoin trading it does not go after some selected exchange sites it goes total just like what happened in China, this is probably a mere shake up based on current happening and again, who ask for additional collateral when they are about to be banned?

[ross09]

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

Confusion reigns in India’s cryptocurrency ecosystem.
The Narendra Modi government and India’s central bank have made it amply clear they aren’t comfortable with virtual currencies. The recent spike in bitcoin’s value, which attracted hordes of investors, has only made the government more vociferous in its criticism.
However, these announcements don’t make these virtual currencies, or trading in them, against the law....So, their status is in a curious limbo—they’re neither legal nor illegal in India...
On Nov. 30, 2017, when investor frenzy was at a high with rising bitcoin prices, finance minister Arun Jaitley said the country doesn’t recognise cryptocurrencies as legal tender....Almost a month later, the government cautioned people against investing in them, warning that they are similar to fraudulent investment schemes and have no legal status yet. “There is a real and heightened risk of  investment bubble (in virtual currencies) of the type seen in ponzi schemes which can result in  sudden and prolonged crash exposing investors, especially retail consumers, losing their hard-earned money,” the finance ministry said in a notification on Dec. 29, 2017. “Consumers need to be alert and extremely cautious as to avoid getting trapped in such ponzi schemes.”

[batang_bitcoin]

He's misleading people and he won't take look to your suggestion of reviewing and changing his topic title as it has been suggested by others.

Done  

Nothing has done, look at the title there's no change that can be found. And if you'll try to understand what you posted here

Top banks suspend accounts of major Bitcoin exchanges in India  

[..] have suspended some accounts of major Bitcoin exchanges in India,[..]

It doesn't really mean that bitcoin trading is ban on India. Those banks that you mentioned just suspended those bank accounts of those exchanges and it doesn't mean that they have to stop their major operation. Read the part that I bold mate, only their bank accounts are suspended not their whole business.

[jaocoincrypto18]

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

Bitcoin is not declared legal but not ban so people can do bitcoin transactions without tax at the moment in India but the government is still strictly monitoring transactions specially involving big amount in which they caught some exchanges doing dishonesty transactions that it may ruin the country therefore it is right to be suspended and to be investigate these exchanges.

[Photographer]

It looks like a fake news intended to create a new dump where speculators will be able to buy cheap coins. I guess that news nowadays collude with speculators.

[First77]

It looks like a fake news intended to create a new dump where speculators will be able to buy cheap coins. I guess that news nowadays collude with speculators.

Indication of things to come....

[Mehdecline]

It looks like a fake news intended to create a new dump where speculators will be able to buy cheap coins. I guess that news nowadays collude with speculators.

It's been mainly the reason behind these bad news... Whales just want to buy cheaper.. 

[zhekinsp]

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

Bitcoin is not declared legal but not ban so people can do bitcoin transactions without tax at the moment in India but the government is still strictly monitoring transactions specially involving big amount in which they caught some exchanges doing dishonesty transactions that it may ruin the country therefore it is right to be suspended and to be investigate these exchanges.

You are right,bitcoin is not banned yet in India,but there is serious discussion about regulating the bitcoin exchanges because now only the Indian government aware that many people earning through crypto market without paying any taxes.
Freezing the accout maybe happened due to sudden transaction of a very large amount so this is just normal thing in banking system but there is no relation between banking system and trading exchanges so trading is still not illegal in India.

[jlanzago]

As usual, a lot of FUD and fake news surrounding this event. It is important because of that to be informed and read official sources, not just headlines on social media.

[Beehives]

It could be some of the accounts are become a lobby of illegal money that's why banks shut down those accounts.  In other side  it will greatly affect the economy of cryptocurrency. Perhaps we can expect another dip of coin market. India is one of the biggest traders banning them will cause avalanche in the market. We can expect worse to it. Hoping it just like in South Korea news which turn out it was fake news.

[gua86402]

The influence of policy on BTC is too great!
The development of BTC requires government policy support! But what about decentralization and the willingness of the government?
As time changes, countries will slowly open their policies and let BTC in!

[Baofeng]

It looks like a fake news intended to create a new dump where speculators will be able to buy cheap coins. I guess that news nowadays collude with speculators.

Indication of things to come....

It could be. Looks like the market it turning red again. India is still neutral as far as I'm concern. So its not banning crypto trading as of the moment. This is another FUD to create panic amongst us.

It could be some of the accounts are become a lobby of illegal money that's why banks shut down those accounts.  In other side  it will greatly affect the economy of cryptocurrency. Perhaps we can expect another dip of coin market. India is one of the biggest traders banning them will cause avalanche in the market. We can expect worse to it. Hoping it just like in South Korea news which turn out it was fake news.

Short term, yes, it could really affect the market because of government closing its door to bitcoin or crypto in general. However, it didn't mean that its the end of bitcoin. Bitcoin has a proven record to recover from a market corrections. This is not something new that we haven't overcome. Another test, but long run bitcoin price will go up again.

[Dudeperfect]

No, it is not yet banned in India but yes banks have the right to freeze an account if they find any suspicious activity. However, it is true that your mind is sending notices to the people having high net-worth who are trading in Bitcoin but there is nothing to panic about it because we are not doing any illegal business but make sure that you are acquiring Bitcoins from legal sources or at least sources having accounted records that you can produce to the officials in case of scrutiny.

[Sithara007]

Trading in Bitcoins has become too risky in India. The Reserve Bank of India (RBI) has been issuing all sort of negative statements for the past one or two months (ever since they noticed that BTC has given 10x returns, making bank deposits very unattractive to the investors). Yesterday the tax authorities sent notices to almost 100,000 individuals they suspected of trading in BTC.

[krishnapramod]

Trading in Bitcoins has become too risky in India. The Reserve Bank of India (RBI) has been issuing all sort of negative statements for the past one or two months (ever since they noticed that BTC has given 10x returns, making bank deposits very unattractive to the investors). Yesterday the tax authorities sent notices to almost 100,000 individuals they suspected of trading in BTC.

If I am right, Bitcoin is illegal in Nepal, right? Indian government has been warning about losing funds with investing in cryptos since 2014, neither illegal nor legal, a bit correct to an extent.  With being the second populist country in the world, not like China, there is too much unbanked and poverty population, and cryptos are just getting adopted. India ain't China, more of a democracy. They wouldn't like digitalized Indian youths who are already revoluting to piss off with a ban. I literally don't see a ban coming, more of regulations might be. Even if it comes down to ban, does it matter? Nope.

[cybersofts]

No, it is not yet banned in India but yes banks have the right to freeze an account if they find any suspicious activity. However, it is true that your mind is sending notices to the people having high net-worth who are trading in Bitcoin but there is nothing to panic about it because we are not doing any illegal business but make sure that you are acquiring Bitcoins from legal sources or at least sources having accounted records that you can produce to the officials in case of scrutiny.

Trading in Bitcoins has become too risky in India. The Reserve Bank of India (RBI) has been issuing all sort of negative statements for the past one or two months (ever since they noticed that BTC has given 10x returns, making bank deposits very unattractive to the investors). Yesterday the tax authorities sent notices to almost 100,000 individuals they suspected of trading in BTC.

Well, here is the reliable news from CoinDesk so far.

Report: India's Government Sends Tax Notices to Cryptocurrency Traders

India's government has reportedly sent tax notices to cryptocurrency traders and investors following a nationwide survey.
According to Reuters, a survey found that Indian citizens conducted more than $3.5 billion worth of trades and other transactions across a 17-month period. The government also collected data from nine exchanges within the country, and per the report, notices have been issued to "tens of thousands of people."
As a result, India is now looking to tax capital gains, as well as receive information about how much people own in cryptocurrencies and where their funds are located.

https://www.coindesk.com/report-indias-government-sends-tax-notices-to-cryptocurrency-traders/

Because of this news, I don't think the Indian government is banning bitcoin trading rather impose new tax laws for bitcoin traders.

[rickyNmorty]

This is the result of misunderstand the cryptocurrency. Most of the governments all over the world thinks that it is a scam , a fraud or just a big bubble so they are trying to put limits on it to their citizens by banning it on their country. Sadly for India, their government take the negative approach already but i think they will pull the banning phase of bitcoin and will put a tax on it instead.