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Author Topic: What is the actual state of crypto currency in India?  (Read 120 times)
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September 11, 2019, 05:25:44 AM
 #1

As far as I know its neither banned not illegal to use as well but RBI banned it so what will be the result if someone uses banks to trade the crypto currencies on p2p sites like localbitcoin.

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September 11, 2019, 06:27:17 AM
 #2

As far as I know its neither banned not illegal to use as well but RBI banned it so what will be the result if someone uses banks to trade the crypto currencies on p2p sites like localbitcoin.

Almost all purchase and selling of cryptocurrencies involving INR is done by p2p trading. So, apart from the recent risk related to FIRs being filed & freezing of bank accounts of the traders as money were sent from hacked bank accounts, there is not much of a problem.

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September 11, 2019, 06:55:26 AM
 #3

As far as I know its neither banned not illegal to use as well but RBI banned it so what will be the result if someone uses banks to trade the crypto currencies on p2p sites like localbitcoin.

Almost all purchase and selling of cryptocurrencies involving INR is done by p2p trading. So, apart from the recent risk related to FIRs being filed & freezing of bank accounts of the traders as money were sent from hacked bank accounts, there is not much of a problem.
I read that RBI claims that bitcoin were used for money laundering in India that is why they want to ban but still Supreme court has go to say its decision about.But banks are responsible for hacked accounts and most importantly the original owners since they are in control of their accounts right?

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September 11, 2019, 12:19:53 PM
 #4

I read that RBI claims that bitcoin were used for money laundering in India that is why they want to ban but still Supreme court has go to say its decision about.But banks are responsible for hacked accounts and most importantly the original owners since they are in control of their accounts right?

You can check this thread for more clarity -> https://bitcointalk.org/index.php?topic=5155099.0. I don't understand Hindi, so I don't know what exactly is told in the video.

So what I personally think is that Banks can freeze your accounts, if they think that you are dealing with cryptocurrencies as RBI has implemented a ban. This could be caused by mistakenly adding a crypto-related remark while making the transaction like "For BTC" "Buying 1 ETH" etc. But I don't think that FIR complaints could be launched based on such activity. However, the Govt freezes/monitor bank accounts which they think are financing terrorism and money laundering of illicit funds, so if you get funds from any of such marked accounts, you might face an account freeze and FIR complaint lodged against you.

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September 11, 2019, 02:00:16 PM
 #5

I read that RBI claims that bitcoin were used for money laundering in India that is why they want to ban but still Supreme court has go to say its decision about.But banks are responsible for hacked accounts and most importantly the original owners since they are in control of their accounts right?

You can check this thread for more clarity -> https://bitcointalk.org/index.php?topic=5155099.0. I don't understand Hindi, so I don't know what exactly is told in the video.

So what I personally think is that Banks can freeze your accounts, if they think that you are dealing with cryptocurrencies as RBI has implemented a ban. This could be caused by mistakenly adding a crypto-related remark while making the transaction like "For BTC" "Buying 1 ETH" etc. But I don't think that FIR complaints could be launched based on such activity. However, the Govt freezes/monitor bank accounts which they think are financing terrorism and money laundering of illicit funds, so if you get funds from any of such marked accounts, you might face an account freeze and FIR complaint lodged against you.

I guess we can dispute the trade on LBC if you consider the user sending money from fraudulent activities or for money laundering purposes but need evidence to prove that dispute.I too don't understand the Hindi so not sure what's told in the video.

But if we are trading on LBC we must have to collect the ID before release the BTC which can be save us if there is complaint on us.

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September 11, 2019, 08:43:24 PM
 #6

Currently it's a bank ban means if the bank gets to know you are selling/buying cryptocurrency, they'll freeze your account and many users have got notices also from banks like HDFC/SBI: https://prnt.sc/p4x3en

Also, the video just mentions about a user who got scammed due to hackers creating accounts with fake IDs (fake aadhar) and then exchanging crypto with fiat (Paytm etc.).




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September 12, 2019, 06:50:21 AM
 #7

Currently it's a bank ban means if the bank gets to know you are selling/buying cryptocurrency, they'll freeze your account and many users have got notices also from banks like HDFC/SBI: https://prnt.sc/p4x3en

So they will freeze the accounts permanently which involved dealing with the crypto currencies? So what will happen to the funds on that account? Blocked as well?

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September 12, 2019, 08:12:12 AM
 #8


So they will freeze the accounts permanently which involved dealing with the crypto currencies? So what will happen to the funds on that account? Blocked as well?

Not permanently I guess. You will need to contact the manager and explain your reasons of dealing in crypto and the procedure would be tough as RBI has issued a ban. If they don't listen, you can contact your lawyer but still since RBI has banned it, chances are less. Never heard about a case where the user has managed to unfreeze their bank account dealing with crypto. Sometimes the bank issues a warning before freezing the account which gives you time to remove your money.




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September 12, 2019, 10:53:03 AM
 #9


So they will freeze the accounts permanently which involved dealing with the crypto currencies? So what will happen to the funds on that account? Blocked as well?

Not permanently I guess. You will need to contact the manager and explain your reasons of dealing in crypto and the procedure would be tough as RBI has issued a ban. If they don't listen, you can contact your lawyer but still since RBI has banned it, chances are less. Never heard about a case where the user has managed to unfreeze their bank account dealing with crypto. Sometimes the bank issues a warning before freezing the account which gives you time to remove your money.
I guess they can't take anyone's money by freezing account because as per their terms when user want to close their account or terminate then bank need to refund all their funds in their savings or any other account,right?

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September 12, 2019, 12:15:56 PM
 #10

As far as I know its neither banned not illegal to use as well but RBI banned it so what will be the result if someone uses banks to trade the crypto currencies on p2p sites like localbitcoin.
There is no clear notification about the banning of BTCitcoin but i got a phone call from Axis bank last week asking about a particular transaction i did last year and inquired whether i do virtual currency transaction, i was taken back when he asked that and i said i have done that in the past as most of the transaction i did with coinsecure and unocoin are noted as bitcoin transaction and i questioned what is the purpose of these inquiries but the person behind the call said they got a inquiry about those transaction and so is the reason they are calling.
I called back after a while after a conversation with my CA and when i called the bank back they said they do not know who called me and there is no inquiry they are aware of. Has anyone encountered these in the past.

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September 12, 2019, 12:39:27 PM
 #11

As far as I know its neither banned not illegal to use as well but RBI banned it so what will be the result if someone uses banks to trade the crypto currencies on p2p sites like localbitcoin.
There is no clear notification about the banning of BTCitcoin but i got a phone call from Axis bank last week asking about a particular transaction i did last year and inquired whether i do virtual currency transaction, i was taken back when he asked that and i said i have done that in the past as most of the transaction i did with coinsecure and unocoin are noted as bitcoin transaction and i questioned what is the purpose of these inquiries but the person behind the call said they got a inquiry about those transaction and so is the reason they are calling.
I called back after a while after a conversation with my CA and when i called the bank back they said they do not know who called me and there is no inquiry they are aware of. Has anyone encountered these in the past.
They exactly pointed out your transaction details or asked in general? If they asked with particular reference then the chances of from bank is high.I never get any calls like these but you also don't have to give any of your confidential details while someone called and saying they are from banks.

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September 12, 2019, 01:56:45 PM
 #12

They exactly pointed out your transaction details or asked in general? If they asked with particular reference then the chances of from bank is high.I never get any calls like these but you also don't have to give any of your confidential details while someone called and saying they are from banks.
It was not some random call, i verified before attending the call and it came from my Axis bank branch where i hold the account. They specially asked about one paytm transaction someone sent me last year and the main point they inquired is whether i trade virtual currency. Is this some form of evidence collection from IT office through banks  Huh.

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September 12, 2019, 02:35:55 PM
 #13

They exactly pointed out your transaction details or asked in general? If they asked with particular reference then the chances of from bank is high.I never get any calls like these but you also don't have to give any of your confidential details while someone called and saying they are from banks.
It was not some random call, i verified before attending the call and it came from my Axis bank branch where i hold the account. They specially asked about one paytm transaction someone sent me last year and the main point they inquired is whether i trade virtual currency. Is this some form of evidence collection from IT office through banks  Huh.
IT has not business in this matter as long as you pay your taxes accordingly since India didn't banned the crypto currencies yet.

So this might be just the verification call from the bank or other agencies if you are going to take loan or something.

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September 12, 2019, 02:56:48 PM
 #14


I guess they can't take anyone's money by freezing account because as per their terms when user want to close their account or terminate then bank need to refund all their funds in their savings or any other account,right?

They won't take the money but rather keep it on hold till they get a satisfactory answer from the customer. People who have their accounts frozen have either given up or have kept on corresponding with them. Since it's not hacked money, they should unfreeze it after some warning because crypto is not yet banned or considered illegal. 

There is no clear notification about the banning of BTCitcoin but i got a phone call from Axis bank last week asking about a particular transaction i did last year and inquired whether i do virtual currency transaction, i was taken back when he asked that and i said i have done that in the past as most of the transaction i did with coinsecure and unocoin are noted as bitcoin transaction and i questioned what is the purpose of these inquiries but the person behind the call said they got a inquiry about those transaction and so is the reason they are calling.
I called back after a while after a conversation with my CA and when i called the bank back they said they do not know who called me and there is no inquiry they are aware of. Has anyone encountered these in the past.


Never to attend such calls from the bank as even if they call, just tell them you'll meet in the bank. Did they ask you about any details and did you check on truecaller if it was the contact number of the bank? It may have been a fraud call.




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September 12, 2019, 05:38:56 PM
 #15

As far as I know its neither banned not illegal to use as well but RBI banned it so what will be the result if someone uses banks to trade the crypto currencies on p2p sites like localbitcoin.

It's confusing! The cryptos are not banned officially but RBI has banned banking services to crypto related businesses! We bloody don't know what the hell in ongoing! Our age old politicians are employing "one-exam-wonder" IAS officers to write a report and these IAS officers are only seeing negatives in it! A typical orthodox mentality that we can expect from a religious government!

However, if you trade through localbitcoins website, then you should not face any issue unless your volume is really high and doesn't match with your transaction history. lets assume your are a service man who earns 50k per month and you suddenly receive 5 lacks in your bank account, then it would obviously ring few bells! But if you can keep the volume within an acceptable amount like 50k - 1 lack, then you should not face any issue! Just keep low profile and don't talk about it anywhere!

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September 12, 2019, 10:55:08 PM
Merited by Heisenberg_Hunter (1)
 #16

IT has not business in this matter as long as you pay your taxes accordingly since India didn't banned the crypto currencies yet.
So this might be just the verification call from the bank or other agencies if you are going to take loan or something.
Let me clear these to you, i do not need any loan from any bank, i am sure it was a verification call from the bank to know whether i used to trade virtual currency, i will have some clarity when i land home next month.

Never to attend such calls from the bank as even if they call, just tell them you'll meet in the bank. Did they ask you about any details and did you check on truecaller if it was the contact number of the bank? It may have been a fraud call.
They called my parents first and got my number which i am using abroad and the call is from Axis bank land phone number of my branch, when they specifically asked about virtual currency trade i was perplexed as all of the transaction i did before are with all the exchanges before the ban and all of the transaction clearly mentions bitcoin transaction in their records too, they specifically asked about a transaction from paytm and that too below 1000 rupees and all of my P2P trades are conducted using Wazirx and hence i am not sure of the source. I called the bank again after consulting with my financial team to have a clear picture on why the inquiry is made and they said they never made any call regarding any inquiry and i forwarded the call record to the managers personal number and i am yet to get a response from them. I will get to the bottom of this soon and will further post regarding this.

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September 13, 2019, 05:00:46 AM
 #17

As far as I know its neither banned not illegal to use as well but RBI banned it so what will be the result if someone uses banks to trade the crypto currencies on p2p sites like localbitcoin.

It's confusing! The cryptos are not banned officially but RBI has banned banking services to crypto related businesses! We bloody don't know what the hell in ongoing! Our age old politicians are employing "one-exam-wonder" IAS officers to write a report and these IAS officers are only seeing negatives in it! A typical orthodox mentality that we can expect from a religious government!

However, if you trade through localbitcoins website, then you should not face any issue unless your volume is really high and doesn't match with your transaction history. lets assume your are a service man who earns 50k per month and you suddenly receive 5 lacks in your bank account, then it would obviously ring few bells! But if you can keep the volume within an acceptable amount like 50k - 1 lack, then you should not face any issue! Just keep low profile and don't talk about it anywhere!
Even they used wrong terms to mention about the cryptos on the draft proposed in this year so this shows that they are having no knowledge about crypto currencies but they are appointed to examine about the rypto currencies,such a wonderful management from government!

Atleast they can ask suggestions from blockchain expert which is growing faster in the recent days in India.

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September 13, 2019, 11:49:26 AM
 #18

It's pretty understandable, you can have a transaction with cryptocurrency but we are not going to assist you anymore, do it in your responsibility. That was a stupid move from RBI. I guess someday, they will reverse the decision.

I called back after a while after a conversation with my CA and when i called the bank back they said they do not know who called me and there is no inquiry they are aware of. Has anyone encountered these in the past.
Interesting, if the inquiry wasn't a part of the bank, who did this? I never encountered this probably because I am at the moment not in India, in fact, for years. Have you left your identity somewhere in the cryptocurrency-related forum, blogs etc.? Probably a hacker?

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September 13, 2019, 02:37:26 PM
 #19

It's pretty understandable, you can have a transaction with cryptocurrency but we are not going to assist you anymore, do it in your responsibility. That was a stupid move from RBI. I guess someday, they will reverse the decision.
RBI have ban which means if they found users trading cryptos means they can freeze their accounts.BUt when government didn't banned something but the central bank did how the law will act in these situation is very confusing.

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September 13, 2019, 11:33:10 PM
 #20

They exactly pointed out your transaction details or asked in general? If they asked with particular reference then the chances of from bank is high.I never get any calls like these but you also don't have to give any of your confidential details while someone called and saying they are from banks.
It was not some random call, i verified before attending the call and it came from my Axis bank branch where i hold the account. They specially asked about one paytm transaction someone sent me last year and the main point they inquired is whether i trade virtual currency. Is this some form of evidence collection from IT office through banks  Huh.

Maybe, because even if you don't show your earnings, I know few people who trade cryptocurrencies and show their earnings exactly as the same and pay taxes over it. Maybe, to cross check with you whether the trade was actually happened between you both or not could be the case here. I faced the same situation when once my Kotak Bank head contacted me (after RBI ban) to ask me the same question because he already knew that I used to deal in Bitcoins (I already clarified this at the time of opening my account there but thank God I still have my account safe there). Fortunately, I stopped taking money for my crypto deals in my Kotak Bank account and started using a different account to settle such transactions in cash through the same.

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