Topic: Indian Banks Closing A/cs of Customers Who Buy BTC (Read 398 times)
if the india bank implements like this it is the same as india starting to provide regulations on the purchase of bitcoin, while bitcoin should be free to be bought by anyone because bitcoin does not give a limit to people who want to buy bitcoin and that is a fatal mistake for banks in india.
it really a bad new. why they do that ?
It seems that the discussion of crypto legality issues in India is still very difficult. So it still takes time, until it's really considered legal. Hopefully this doesn't take long
nt all bank accounts are being closed it is only few accounts in banks tracking got notice but crypto currency matter in court decision we may hear positive news
I think if the Indian government bans cryptocurrency, many crypto fans will throw their money into other countries
the beauty of crypto is, no one can stop it, but India is making it harder for the crypto lovers and definitely taking a dumb step.
Their government is showing that they are a backwards thinking bunch of no-hopers that will never bring their country to prosperity and help all the poor people of India. Hopefully they will find their own way and buy bitcoin
No, you are wrong. They are doing this to protect their local reserve currency, because they know with all the corruption in their government, they can manipulate the value of their local currency, which they cannot do with Bitcoin.
The Banks and the governments are working together to stall Crypto currency adoption in India, because they are in bed together with this corruption.
Bitcoin is borderless and unstoppable, so they will win a small battle, but not the war.
exactly! they have only made it difficult for the average Joes to buy bitcoin otherwise it is still possible and it is still ongoing. ever since their Reserve Bank started putting up roadblocks the trading volume on P2P trading platforms coming from India saw a big surge and it has been growing ever since. which proves that people never stopped buying bitcoin over there.
and if you look back, something very interesting was also going on! they were buying bitcoin at a much higher price. for example when price was $1200 last year they were buying it at $2000+ happily
That was the advantage of spreads that traders took, but without the involvement of banks, it can be said that only digital payment modes such as PayTM, Amazon Pay, Freecharge, PhonePe, etc. can help in such cases (but chances of getting scammed are very high in these), because if banks aren't going to support and are going to close your accounts even based on suspicion, will only let such black trades rise in number where everyone needs to pay a lot more in premium in order to buy BTC. Just think, what would happen if they ban BTC here? Will public of India stop trading BTC? No, because BTC is not something easily traceable and the only thing that will happen is, other countries will take advantage of this and ask way higher prices than market price if Indians want to buy BTC from them.
If enough people leave this bank then they will change their policy. The power is held by the customers if enough of them are united.
Credit card companies tried to do the same thing with coinbase and many customers left their service and signed up for a different card instead.
Credit card companies tried to do the same thing with coinbase and many customers left their service and signed up for a different card instead.
man... this is not about a particular bank in question
its Central Bank we are talking about here
it is not even under the countrie's jurisdiction usually and above the law
the local banks will have to comply no matter if they want to or not
united customers can only go and celebrate cutting their plastics on the streets, this won't change anything, do not be delusional
If enough people leave this bank then they will change their policy. The power is held by the customers if enough of them are united.
Credit card companies tried to do the same thing with coinbase and many customers left their service and signed up for a different card instead.
Credit card companies tried to do the same thing with coinbase and many customers left their service and signed up for a different card instead.
I am sure, this problem is not easy to solve it that easily. With a policy like this, of course other banks will also imitate related matters, of course people will also consider the other side. Bitcoin is not everything, it is only optional for some people. So if they are willing to have their account banned just because of bitcoin then when there is still real work affairs that are required to be associated with a bank account, it is a complicated matter
Their government is showing that they are a backwards thinking bunch of no-hopers that will never bring their country to prosperity and help all the poor people of India. Hopefully they will find their own way and buy bitcoin
No, you are wrong. They are doing this to protect their local reserve currency, because they know with all the corruption in their government, they can manipulate the value of their local currency, which they cannot do with Bitcoin.
The Banks and the governments are working together to stall Crypto currency adoption in India, because they are in bed together with this corruption.
Bitcoin is borderless and unstoppable, so they will win a small battle, but not the war.
exactly! they have only made it difficult for the average Joes to buy bitcoin otherwise it is still possible and it is still ongoing. ever since their Reserve Bank started putting up roadblocks the trading volume on P2P trading platforms coming from India saw a big surge and it has been growing ever since. which proves that people never stopped buying bitcoin over there.
and if you look back, something very interesting was also going on! they were buying bitcoin at a much higher price. for example when price was $1200 last year they were buying it at $2000+ happily
Its very old news and now almost every exchanges already introduced the p2p services in their platform. every one buying or selling crypto here in India without any restriction.
this is such an old news at this point. you are reposting links to a shitty site that doesn't have anything else to say other than repetition of the old nonsense that has been going on for a while now. the Indian banks started blocking people from using their accounts for trading bitcoin and getting involve with any cryptocurrency exchange and nothing in that front has changed ever since they started doing it somewhere early in 2017.
Their government is showing that they are a backwards thinking bunch of no-hopers that will never bring their country to prosperity and help all the poor people of India. Hopefully they will find their own way and buy bitcoin
No, you are wrong. They are doing this to protect their local reserve currency, because they know with all the corruption in their government, they can manipulate the value of their local currency, which they cannot do with Bitcoin.
The Banks and the governments are working together to stall Crypto currency adoption in India, because they are in bed together with this corruption.
Bitcoin is borderless and unstoppable, so they will win a small battle, but not the war.
I think that in the near future, India will change its mood to Bitcoin and everything will be fine in this regard.
Their government is showing that they are a backwards thinking bunch of no-hopers that will never bring their country to prosperity and help all the poor people of India. Hopefully they will find their own way and buy bitcoin
https://cryptomenow.com/india-central-bank-strengthens-bitcoin-ban-legalization-plans-scrapped/
Surely every country knows that restricting and banning crypto will lead to an outflow of money from the country.
Surely every country knows that restricting and banning crypto will lead to an outflow of money from the country.
While this is what people are going to hope to think (at least in our small crypto community, it simply isn't the case), banks are going to be able to have free reign on removing these sorts of people from their banks because they know that they can without too much of an issue. Bitcoin doesn't have the stranglehold over the banking industry that people would hope that they have (yet again, in our community)
It's not surprising and it's not restricted to India. There's been lots of discussion about this among US users and traders going back several years. I personally know two people who have had bank accounts closed, presumably because of high volume activity linked to Bitcoin exchanges.
It even makes sense. Think about it: If you're a conservative bank and you have no idea how seriously Bitcoin exchanges are enforcing AML/KYC laws, would you want those customers moving loads of money through your bank? Probably not, because that opens you up to liability for AML violations. These days, banks are increasingly expected not only to know their customers, but to know their customers' customers.
If enough people leave this bank then they will change their policy. The power is held by the customers if enough of them are united.
Credit card companies tried to do the same thing with coinbase and many customers left their service and signed up for a different card instead.
Credit card companies tried to do the same thing with coinbase and many customers left their service and signed up for a different card instead.
India conisdered introducing blockchain to help fight corruption
looks like the goverment is not very interested in this anymore
One of the most corrupt countries doesn't see much value in using blockchain technology to fight corruption, sounds about right. Governments rule by breaking their own laws, so why should they try to implement something to fight it?looks like the goverment is not very interested in this anymore
They will run on private blockchains without anyone knowing. For you nothing will change since the services they offer are still the same, but everything on their end becomes more efficient and easier to cheat.
I never believed that corporate or governmental blockchains have it in them to prevent corruption. It's a tool that allows them to become more crooked than ever before. You really need decentralized blockchains for that.
some banks are on scrutiny of using bank accounts mostly the exchangers have given data to banks so now they are taking action
https://cryptomenow.com/india-central-bank-strengthens-bitcoin-ban-legalization-plans-scrapped/
Surely every country knows that restricting and banning crypto will lead to an outflow of money from the country.
Bitcoin will not be friendly with the central bank, even some central banks are trying to manipulate the price of bitcoin through investment institutions. I saw that RBI was not the only bank that carried out a similar policy, there were many countries that banned crypto, but I heard that many companies began to look at cryptocurrency as part of the investment, India also did that.Surely every country knows that restricting and banning crypto will lead to an outflow of money from the country.
India conisdered introducing blockchain to help fight corruption
looks like the goverment is not very interested in this anymore
aand yes, central banks are against cryptocurrencies and in a country like India it is way easier to apply pressure
to not allow even the attempts to legalise bitcoins, I fear this long story will have a sad ending for India
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