Indian Banks Suspending Bitcoin Exchange Accounts

[cybersofts]

Bitcoin exchanges are under fire in India, as many of the nation’s top banks have suspended or greatly curtailed functionality on exchange accounts. State Bank of India (SBI), Axis Bank, HDFC Bank, ICICI Bank and Yes Bank have all taken strong action toward crypto exchanges, either closing accounts or severely limiting functionality. The banks cite the risk of dubious transactions, according to local reports.

The news follows the request of advocate Bivas Chatterjee who recently filed a public interest litigation (PIL) in Calcutta to impose immediate regulations on Bitcoin and other cryptocurrencies. Additionally, the Ministry of Finance referred to Bitcoin as a ponzi scheme before the end of last year.

Increasing scrutiny for cryptocurrencies from governments has led to private banks and institutions beginning to remove support for exchanges around the world. Most recently, Metropolitan Bank put an immediate halt on all wire transfers for cryptocurrency exchanges, leaving many transactions stranded in cyberspace.

CoinTelegraph: https://cointelegraph.com/news/indian-banks-suspending-bitcoin-exchange-accounts

[Pursuer]

it is very interesting that Indian government has been putting a lot of financial pressure on their people and then pulling some weird shit like Demonetization of bank notes. and when people exit they start putting road blocks in front of them and that increases the speed at which their people are exiting!

lets see what bitcoin price is going to be in India this time. last year it was 30% or more higher than the rest of the world.

here is Andreas Antonopoulos talking about Currency Wars and Bitcoin
https://www.youtube.com/watch?v=6ZCVQHtD2l4

[cryptorTUX]

This is not happening only to India, in my country some banks won't even accept withdraws from crypto exchanges or even allow you to send money. They are trying to fight cryptocurrency but thankfully not all banks have same policies and we can do transactions on peer to peer level so they can't actually disable buying and selling that easily.

[niisarearning]

May be it’s started but I dint face any difficulty till date withdrawing not sure about future implementation some of my friends associated account in mentioned banks doesn’t have problem till a date. This discussion is happening from long back . Hope in near future we face serious issue for bitcoin exchange in India.