[2018-01-21] India’s Biggest Bitcoin Exchanges See Bank Accounts Frozen

[tyz]

India’s Biggest Bitcoin Exchanges See Bank Accounts Frozen

According to a report by the Indian news publication, The Economic Times(ET), bitcoin exchanges in India may be facing some disruption from the country’s top financial institutions.

https://www.ccn.com/indian-cryptocurrency-exchanges-disrupted-over-widespread-issue-of-frozen-bank-accounts/

[1713582164]

1713582164

[richardsNY]

It's nothing really new. If we look a bit further, we have seen this happen on a much larger scale. In most cases it ends up in a temporary disruption, but there is a slight possibility that these exchanges need to look for alternative banks to make use of. Regardless of what the article is trying to say, I think that the banks are being pressured by authorities to on their turn force exchanges to be more transparent about who and what all that capital belongs to. It's not a secret that authorities look to gain more control over what is happening in the world of crypto. It's nothing more than a smoke screen meant to hide their on control based intentions behind these actions.

[AK47-]

It isn't really a surprise considering what Indian government's thoughts on crypto currency have been, finance minister declaring crytos as fraud, declaring them as illegal tender. It was only a matter of time that they did this, because of new tax reforms in India, businesses have been a slump, resulting in less than expected tax collection. So any opportunity to crack down on general public making quick profits seems befitting given their record.

[vit05]

  So, we need to see how Indian people will react to this. We have a great example from Korea and it would be great if we see more people reacting against the government that want just close Bitcoin without knowing the opinion of people. Politicians are scaring of losing their power, and they will lose. But for something like that happens, we need be more vocal about what we want.

[aso118]

What more do you expect, from a government which carried out demonetization? The screws are being tightened now, with the exchanges feeling the heat. Very soon, you can expect agencies apart from the Income Tax department to start taking interest in bitcoin transactions.