Indian banks freezing bank accounts AGAIN !

[YOSHIE]

Is there any future of Bitcoins in India ?

Bitcoin remains as usual in India.

If i am not mistaken and if i collect topics about bank of india which freeze accounts maybe 10-15 topics there.

If I look at the same topic again, so I assume the Indian government / officials, not 100%, are taking action on it.

More precisely I believe more in the answer given by; @jseverson.

Its such a shame that the government see crypto currencies as a threat, crypto currencies can be the future currency that help to make transactions easier, the government shouldn't be banning crypto but should regulated it, crypto got a huge potential to help people out from poverty

They're not banning Bitcoin though. Or rather, not yet, at the very least. It seems like Bitcoin's legality in India is stuck in limbo at the moment, but I read something about their tax agency reaching out to people who don't declare their crypto income. I see this as a positive, because if they pursue taxation, it could signify that they're leaning towards acceptance.

Either way, I don't think banks closing accounts have anything to do with crypto regulations. You here about banks all over the world pulling off the same move, even in countries like the US where crypto is fairly openly accepted. These closures are likely internal decisions. It's unfortunate, but the only thing you can do when a bank denies you service is to look for another bank.

How do you think it makes sense, and the answer is answered by: @jseverson.

[lebregone]

I don't understand why the banks are doing it even if they can act on their own because it is like they are fully against in crypto trading or anything related to cryptocurrencies.

If there will be other banks that are not doing such a thing then it will be good if you will just avoid those banks that keeps on pressuring the crypto users by freezing their
bank accounts. I will just hope that there will be no money that were lost because of their action as every single money that a crypto users earned are very important.

[CryptopreneurBrainboss]

I don't understand why the banks are doing it even if they can act on their own because it is like they are fully against in crypto trading or anything related to cryptocurrencies.

Simple answer is they feel threaten. I don't blame them though because this industry has all it takes to overthrow them but if they were smart they should have realized by now that there's no stopping this technology. They should learn to embrace it and use it to their advantage. The blockchain technology is coming to make the banking industry more lucrative, transparent and less time consuming. All this the banks can use to their advantage instead of fighting an already lost battle. India isn't the only county trying this trick as my country has broadcast similar news months back on punishment to be given to users seen engaging themselves with bitcoin trading it investment.

With DeFi banking, when the hype dies down or gets overlooks and real development are made in thar sector,, the centralized banking system doesn't stand a chance of competing with it as lending has been made more easier, less time consuming and faster with DeFi. You don't need any guarantor to secure loans etc.

[Yatsan]

This really gives confusion to all crypto users in India for sure because of what are they experiencing and happening on their bank accounts. Yes, the RBI stated that crypto trading is not illegal but the cases reported are in relation to people who are used to be crypto users. It really looks contradicting in nature that how come your account is getting banned even without doing wrong thing. The banks are not doing anything wrong for it is said that they have the freedom to decide upon the situation. But they must at least do thorough investigation and not just mere allegation making bank accounts related to crypto being at freezed. They must at least inform the account owner of the matter before doing such thing so that there could be a clear out through negotiation. This whole thing is a big confusion for Indian crypto users which literally limits their actions with regards to crypto trading because of the fear of getting their bank accounts freezed.

[Argoo]

I don't understand why the banks are doing it even if they can act on their own because it is like they are fully against in crypto trading or anything related to cryptocurrencies.

If there will be other banks that are not doing such a thing then it will be good if you will just avoid those banks that keeps on pressuring the crypto users by freezing their
bank accounts. I will just hope that there will be no money that were lost because of their action as every single money that a crypto users earned are very important.

India needs cryptocurrency regulation laws. Then banks will receive clear instructions on how to act in certain cases. While there are no such laws, banks will act at their own discretion and in accordance with the recommendations of higher banks. And banks do not like to experiment. Therefore, certain difficulties arise.
It should also be said that cryptocurrency has never been recognized as legal or illegal in India. Uncertainty on this issue still remains.