Indian banks freezing bank accounts AGAIN !

Argoo

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Quote from: lebregone on September 14, 2020, 01:00:55 PM

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.

Yatsan

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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.

CryptopreneurBrainboss

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Quote from: lebregone on September 14, 2020, 01:00:55 PM

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.

lebregone

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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.

YOSHIE

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Quote from: fiulpro on August 13, 2020, 07:53:56 AM

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.

Quote from: jseverson on January 29, 2018, 03:39:58 AM

Quote from: Indrawan77 on January 28, 2018, 06:19:02 PM

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.

HunyB

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I am also indian and using different banks for crypto currency transaction although i didn't receive any warning or my account is freeze by any that particular bank. Even though i am not using for high amount of transaction but using personally and regularly. I think users received warning if they had abruptly using and transaction are counting as greater than normal usage. Even Bitcoin has no restriction in India even bank doing enquiries and all stuff this is very serious issue.

so98nn

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Quote from: XCANA on September 14, 2020, 06:32:59 AM

Indian has been spotted with hatred for cryptocurrency and Bitcoin at large but doing this as a developing country won't help Indians from low livelihood. Government has always frowned at cryptocurrencies as illegal digital currency, hope this come to end soon, as this will have negative IMPACT on cryptocurrency price. This industry need countries like India for full fulfilment of global adoption, though this can happen with or without Indian.

It is not fault of Indian government actually, but indeed the situation that exists within country. India has huge portion of rich people and most of them includes political bodies. It has been identified that many of them are hiding their assets in the form of crypto currency to overcome the tax problems. This is more or less black money and it is the reason why poor is getting poorer in the India.

Government gets affected indirectly, and it is one of the popular country in the world who had been investigated with huge amounts of black money stored in the form of cash, gold, Swiss bank accounts.

Now, crypto has given out whole new possibilities to do the same without even revealing the identity.

XCANA

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Indian has been spotted with hatred for cryptocurrency and Bitcoin at large but doing this as a developing country won't help Indians from low livelihood. Government has always frowned at cryptocurrencies as illegal digital currency, hope this come to end soon, as this will have negative IMPACT on cryptocurrency price. This industry need countries like India for full fulfilment of global adoption, though this can happen with or without Indian.

Vishnu.Reang

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This is strange. I know a lot of people who use their bank accounts for trading with Localbitcoins or Localcryptos. As far as I know, none of them have faced any issues with the banks. I don't know much about PayTM Savings Bank accounts, because I have never used them. I guess most of those who got banned were doing large-scale trading of cryptocurrency, unlike those who do peer-to-peer trading.

Juggy777

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Quote from: ?? on ??

Bitcoin still has a bright future in India and other countries through like cash banks are highly regulated by the Central Bank leading to freezing of accounts in case of suspicious transactions.

@Detrix are you sure that Bitcoin has a bright future in India, because when I speak with my Indian friends and read online news from India regarding Bitcoins, they all say the same thing that Indian Government is planning to ban crypto currency trading out there. Furthermore I don’t think that Indian banks like crypto’s, hence they’re pushing the Indian government to ban crypto’s in India.

Source

https://www.moneycontrol.com/news/business/economy/india-to-ban-trade-in-cryptocurrency-government-working-on-a-law-5642461.html

https://cointelegraph.com/news/indian-banks-act-slow-to-accept-crypto-industry-despite-rbis-approval

https://www.ledgerinsights.com/india-central-bank-cryptocurrencies-threaten-banking-system/

bryant.coleman

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Quote from: akram143 on August 13, 2020, 02:14:05 PM

Paytm accounts are often hacked and used to buy bitcoins on websites like Localbitcoin and that is the reason of the received account gets frozen when the real owner of the send account report it to the bank, which doesn't mean all the trading activity accounts will be blocked by the banks when the country allows them to do.And this problems exists everywhere that is why stop trading with random newbie unverified accounts who are the one involved in such kind of activities.

I haven't heard about this, but won't be much surprised if it happens. PayTM doesn't have any additional security measures. If you can unlock the smartphone, then you can use the PayTM account which is installed in that phone.They never ask for any additional verification. Anyway, what is the use of additional features such as OTP, when the smartphone is already unlocked?

lumeire

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Quote from: oprahwindfury on August 15, 2020, 10:48:12 AM

Cryptocurrency in India is not prohibited and as we all know banks don't want cryptocurrency to exists.Because if they do there transaction with crypto it will be a loss for them.So it’s better to use crypto with out giving bank any information about it.so they cant freeze bank accounts.

The system doesn't work the way we want it to, banks can identify the users dealing in cryptocurrencies by checking the transaction history of the account holder and also relating it with the accounts from which the user for the funds, although the process will definitely be more complicated than written here.
Still, it is pretty unfair to have such a monarchy in a democratic country where users don't have freedom of doing transactions and having a continuous fear of their banks freezing their account for doing transactions in cryptocurrencies. Right now India is not having any restrictions on Crypto usage then why freezing the accounts of the users dealing in cryptocurrencies.
I guess now users will have to sell their coins for cash and not do any dealings in Crypto to bank accounts until the stance of the government doesn't get cleared on the legalisation of cryptocurrencies in India.

reliable

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Quote from: wack slacker on August 15, 2020, 10:08:20 AM

Remember that banks are under government control and if your money is in circulation for a suspicious purpose they will inevitably be under control. Bank has the right to do that, please study the laws and regulations related to cryptocurrencies.

The crypto are not yet illegal in the country so in such case it should not be freezing it unless some of the account is suspicious and where some misconduct is happening it. rest it should still be operative and not sure why they have started freezing the accounts again. this would hurt the people and during this pandemic when people require the money the most and if account is freeze where will they go?

oprahwindfury

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Cryptocurrency in India is not prohibited and as we all know banks don't want cryptocurrency to exists.Because if they do there transaction with crypto it will be a loss for them.So it’s better to use crypto with out giving bank any information about it.so they cant freeze bank accounts.

wack slacker

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Remember that banks are under government control and if your money is in circulation for a suspicious purpose they will inevitably be under control. Bank has the right to do that, please study the laws and regulations related to cryptocurrencies.

audaciousbeing

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The real cause for concern is identifying what the accounts that the banks froze have in common other than the trading of crypto currency. For the fact that moving cash is legal, there are still some regulation around that space and if anyone should move funds beyond the allowed maximum, then he should be ready to provide the necessary explanations which is the reason why despite the fact that crypto trading is legalised, it does not remove the function of the bank to ensure that the laws regulating the industry is not circumvented.

thesmallgod

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Some of this bank fear being penalized for being involved in helping transacting money earn illegally or through a scam and which is the reason why many of them freeze an account of the customer. I have ones read about a money that was sent through Paxful transaction to a bank but later, it was discovered that the money comes from scam settlement. Such is part of the reason why they freeze accounts. If anyone has his account frozen then he should find out the reason behind it. Especially in countries where crypto is legal

Fundamentals Of

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Quote from: fiulpro on August 13, 2020, 07:53:56 AM

Is there any future of Bitcoins in India ?

India will be left out if they insist on going against rather than embrace Bitcoin. Sooner or later, Bitcoin will become accepted in all countries, if not accepted at least it would not be made illegal. Even the US which started early on to be a strong enemy of Bitcoin eventually realizes that they cannot stop it and they better regulate its use rather than let their citizens use it outside the bounds of law.

For me, it is just a matter of time before India will finally set the green light. After all, this is just a matter of leadership and we all know that leaders don't stay at their positions for long.

Slow death

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Quote from: brightemo on August 14, 2020, 03:20:57 AM

Indians are hating crypto too much

you don't have to put all Indians in the same pot because it seems to me that this is the exclusive decision of a small group of bankers who look at bitcoin as something that should be destroyed by preventing people from using their banks to make transactions involving bitcoin. but this is expected when the government itself does not encourage banks to deal with bitcoin.

Quote from: Becky666 on August 13, 2020, 03:32:26 PM

I was flagged by First Bank PLC but careful explanation gave me scale through and funds were released.

I wonder how can someone who makes money from signature campaign, bounty and trade, offer income statements at the bank? this is a very difficult situation to resolve especially when the person earns in US dollars and when converting to local currency it becomes a very high value higher than many minimum salaries in the country

brightemo

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Indians are hating crypto too much

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