There is no official announcement from the court regarding the crypto case which means we can still hold and trade cryptocurrencies.
The RBI is against cryptocurrencies which is why they have told the banks to freeze accounts of people dealing with cryptocurrencies.
If we give the remarks related to cryptocurrencies then surely the banks will find out that we are dealing in cryptocurrencies and they will freeze our accounts.
Once the account is freezed we can't do any transactions from that account. The only option then left would be to go to the bank and close your account and get the cash withdrawn.
So it's better if we take measures so that the banks don't find out that we are dealing in crypto. This way we would be able to use crypto for long.
But this logic is correct?
When government has to take decision on something the banks were banned it!
So its like they are doing something against the government or its okay to do so!
You have got it all wrong.
According to my understanding, the RBI is the head of all the banks of India. The RBI has the rights to implement new rules which has to be followed by all the banks in India. This does not mean that the government of India has said the RBI to pass the rules. In fact the government has not announced any laws on crypto which gives the right to RBI freeze the bank accounts of any crypto users. So this is the maximum thing that can happen to you as of now. Once the government passes new rules and regulations for crypto, everybody including the RBI will have to follow those rules.
