Any place for Indians to securely unlock crypto values?

[avikz]

Hi all,

Indian banks are on freezing spree again. A lot of news are popping up regarding bank account freezing for transacting in cryptos. Majority of the trades were done on p2p platforms like localbitcoins.

Is there any way for Indians to bypass such risks of p2p trading? Like crypto debit cards where we can directly spend money from the card. Unfortunately polispay doesn't offer services to India.

Do we have a stress free alternative to unlock the values of cryptos without being exposed to such frauds and regulatory hiccups?

Please advise!

[1713537528]

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[1713537528]

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[Melloiga]

I think it has to do with what happened to the PM's personal twitter account. Since, the investigation agencies couldn't find the hackers who did it. They had to show the PM office that they are taking some action. So, instead they froze accounts of some bitcoin traders. Problem solved.

This is how things are being done in India from quite a while now. Blame your mistake on something or someone and pretend to do something about it instead of actually doing anything.

Btw, here's the thread I started asking people to share their suggestions on how to go about doing P2P trading safely in India: What are best practices when trading P2P?    Check it out if you want and share your experiences of P2P trading and what precautions you take.

[akram143]

This is not happening recently/ or only when RBI restricted, this is happening too often and especially the one who send/ received money via paytm bank account which is more likely to be hacked and used to launder the money on p2p sites.

Bitrefill offers their service in India as well, so we can convert out bitcoin into vouchers and can redeem into our amazon and lot other services.

Full list: https://www.bitrefill.com/buy/india/ecommerce/?hl=en

[avikz]

I think it has to do with what happened to the PM's personal twitter account. Since, the investigation agencies couldn't find the hackers who did it. They had to show the PM office that they are taking some action. So, instead they froze accounts of some bitcoin traders. Problem solved.

This is how things are being done in India from quite a while now. Blame your mistake on something or someone and pretend to do something about it instead of actually doing anything.

Btw, here's the thread I started asking people to share their suggestions on how to go about doing P2P trading safely in India: What are best practices when trading P2P?    Check it out if you want and share your experiences of P2P trading and what precautions you take.

That's the bureaucratic nature of the government where one-exam-wonders are responsible for making policy decisions. I have been doing p2p trading since 2017 without any issue so far but looking at the number of cases, I am now very much skeptical to continue with that. Because in India, if any common man goes into any regulatory trouble, he goes into an endless suffering for an undefined period of time.

This is not happening recently/ or only when RBI restricted, this is happening too often and especially the one who send/ received money via paytm bank account which is more likely to be hacked and used to launder the money on p2p sites.

Bitrefill offers their service in India as well, so we can convert out bitcoin into vouchers and can redeem into our amazon and lot other services.

Full list: https://www.bitrefill.com/buy/india/ecommerce/?hl=en

Thanks for the link. Have you ever used their service? I mean I am just trying to understand if they are genuine or not!

[akram143]

This is not happening recently/ or only when RBI restricted, this is happening too often and especially the one who send/ received money via paytm bank account which is more likely to be hacked and used to launder the money on p2p sites.

Bitrefill offers their service in India as well, so we can convert out bitcoin into vouchers and can redeem into our amazon and lot other services.

Full list: https://www.bitrefill.com/buy/india/ecommerce/?hl=en

Thanks for the link. Have you ever used their service? I mean I am just trying to understand if they are genuine or not!

No, I didn't user their service but bitrefill is available on multiple countries and also got representative on bitcointalk but better do enough research about them before depositing any cryptos is advisable.

[pakhitheboss]

I have been cashing out from 2018 to date without any hicups using Government banks. I have informed the same in this thread too What are best practices when trading P2P?

I would advise the same to every member here, not to use private banks or wallet banks to cash out. Open up a bank account with a government banks and you will not face any issue.

[allahabadi]

Has anyone tried IPPB, that is Indian Post Payment Bank.

My grandpa uses it, it is less of a hassle and very informal kinda setup, easy to open an account with just an Aadhar card or so.

Try it, although I won't recommend it for day to day transaction for it has multiple limitations.

[avikz]

Has anyone tried IPPB, that is Indian Post Payment Bank.

My grandpa uses it, it is less of a hassle and very informal kinda setup, easy to open an account with just an Aadhar card or so.

Try it, although I won't recommend it for day to day transaction for it has multiple limitations.

I don't think it is a wise choice! Even though they have a very informal kind of set up, they are very well connected with the government. I mean we are not sure how information flow happens between the banks and the enforcement agencies. My Dad used to have an account with Indian Post Office so I know the kind of pain you will have to go through if there's any issues you have with your account. Everything is still manual and not at all user friendly! I wouldn't recommend Indian Post Office Bank under any circumstances. 

[allahabadi]

Has anyone tried IPPB, that is Indian Post Payment Bank.

My grandpa uses it, it is less of a hassle and very informal kinda setup, easy to open an account with just an Aadhar card or so.

Try it, although I won't recommend it for day to day transaction for it has multiple limitations.

I don't think it is a wise choice! Even though they have a very informal kind of set up, they are very well connected with the government. I mean we are not sure how information flow happens between the banks and the enforcement agencies. My Dad used to have an account with Indian Post Office so I know the kind of pain you will have to go through if there's any issues you have with your account. Everything is still manual and not at all user friendly! I wouldn't recommend Indian Post Office Bank under any circumstances. 

You are confusing the two, IPPB and Indian Post Office Bank are very different.

IPPB is fully updated and high-tech and IPOB is old school with hand filled passbooks and all, but they aren't one and same.

[libert19]

Thanks for the link. Have you ever used their service? I mean I am just trying to understand if they are genuine or not!

They are legit, they are in business since last 4 years or so, I have purchased gift cards several times, it went smooth, nice telegram support as well.