Topic: Indian banks freezing bank accounts AGAIN ! - page 3. (Read 589 times)
Yeah, I'm trying to stay as far away from banks as possible although I'm non-Indian and there's no sign of crypto ban in Europe. Banks always acted as saviors and "your best friend" but have always been the exact opposite. Mixing centralized systems with an overpowered institution and cryptocurrencies could turn into a big mess at any given time. The fact that a bank has the right to decide at any point to freeze someone's account because "the activity is against their interest" although the said activity is in no way illegal is a big pile of BS.
While India does not yet have a legal framework for cryptocurrencies, the government has reassured its citizens that a crypto bill is already awaiting approval. Coin Crunch, an Indian crypto news outlet, reported on Monday that, “Many users are reporting Paytm is freezing bank accounts of Paytm payments bank account holders with suspicion of crypto trading”. Some customers also reported being asked to sign a declaration form confirming they, “do not deal in any type of virtual currency transactions” through their accounts at the bank.
Banks are allowed to freeze accounts when they believe the activity is suspicious, right? And do we know for sure that those whose accounts were freezed were trading on licensed exchanges that legally operate in India, and were complying with trading-related legislation? Was this money legally earned, were they paying taxes for trading (if they're obliged to)?
India has has struggles with accepting Bitcoin, and banks are the natural enemies of cryptocurrencies, so I'm not surprised they are being hostile. However, just as op, I hope that this anti-crypto stance will not persist in India, and people won't have troubles using them there.
India has has struggles with accepting Bitcoin, and banks are the natural enemies of cryptocurrencies, so I'm not surprised they are being hostile. However, just as op, I hope that this anti-crypto stance will not persist in India, and people won't have troubles using them there.
The below statement of RBI itself is flawed and kept the gap open so that the banks can work against the interest of the account holders.
With this statement, now even banking ombudsman won't help to unlock the freezed account because banks are not acting against RBI statement.
Sonner or later, cryptos will be banned India because when building a temple become a matter of national importance even in the COVID situation - it clearly notifies that India has started moving backwards!
Quote
Crypto trading is not illegal. Banks are not restricted. However banks can act in their own interest, so users are advised to take caution.
With this statement, now even banking ombudsman won't help to unlock the freezed account because banks are not acting against RBI statement.
Sonner or later, cryptos will be banned India because when building a temple become a matter of national importance even in the COVID situation - it clearly notifies that India has started moving backwards!
Even though cryptocurrencies like : Bitcoins is legal in India apparently the banks do believe they have a power over the users and there have been statements from the verified users regarding:
1. Paytm freezing bank accounts which are involved in Crypto trading , OR , the accounts they suspect are involved with the trading of cryptocurrencies
2. Axis bank freezing accounts related to Cryptocurrencies
3. Axis banks asking customers to sign how they are not using their bank accounts for crypto trading and such.
https://news.bitcoin.com/paytm-freezes-indian-bank-accounts-cryptocurrency-trading/
Here I would like to extend this news with a statement from RBI:
Which further shows us how centralized the government is and how users even though are not taking part in any illegal activities can be banned for no reason . Apart from that the bill which is going to ban cryptocurrencies for once and for all has been a matter of combat between the crypto enthusiasts and the Governmental authorities.
_*_
The Government is creating hardships for the people who are living in India and are dependent on the virtual currencies. At the same time people are being tracked , media is doing little or no justice to the image of Bitcoins and other cryptocurrencies , amongst all this how can the Biggest democracy in the world neglect it's citizens.
This statement itself shows how the banks and the Government itself is creating mockery of what the kids are taught in school itself :
Government is to the people , for the people , by the people
What the students should be taught is: Government is embodiment of the shadows of the rich and the wealthy people in the society and chooses to follow them , enabling the Centralization and the corruption to grow when the common man suffers and is restricted from their personal choices in the matters that the government thinks can harm the country or could reduce their power.
Bitcoins is here to stay , I do believe that hopefully the Government will realize this and work towards building a crypto friendly economy.
I choose to share this article because I do believe the Indian people who are using their bank accounts connected with the wallets should be careful regarding which bank they are dealing with and try and clear this out with your banks before they ban your account and you have to run time and again in the office to get your remaining money which is now locked and needs like 100 signatures to be safely transferred to you .
Plus please make sure to see if you bank does allow crypto trading because often we tick every new column that pops up in the online banking every once in a while but fail to see what they might have in board for us.
Plus you can try and use DBS , the online bank account which I am using since 4 years for trading and didn't face any problems till now .
_*_
Another country choosing to stay back.. while Bitcoins by integrating themselves with the economy of the countries accepting the new norm is taking them years ahead . Genuinely.
[It's a technology of the future and I do believe we need young people who are Motivated towards the IT sector to help and run the Government instead of people who are too old to change.]
Is there any future of Bitcoins in India ?
1. Paytm freezing bank accounts which are involved in Crypto trading , OR , the accounts they suspect are involved with the trading of cryptocurrencies
2. Axis bank freezing accounts related to Cryptocurrencies
3. Axis banks asking customers to sign how they are not using their bank accounts for crypto trading and such.
https://news.bitcoin.com/paytm-freezes-indian-bank-accounts-cryptocurrency-trading/
Here I would like to extend this news with a statement from RBI:
Quote
Crypto trading is not illegal. Banks are not restricted. However banks can act in their own interest, so users are advised to take caution.
Which further shows us how centralized the government is and how users even though are not taking part in any illegal activities can be banned for no reason . Apart from that the bill which is going to ban cryptocurrencies for once and for all has been a matter of combat between the crypto enthusiasts and the Governmental authorities.
_*_
The Government is creating hardships for the people who are living in India and are dependent on the virtual currencies. At the same time people are being tracked , media is doing little or no justice to the image of Bitcoins and other cryptocurrencies , amongst all this how can the Biggest democracy in the world neglect it's citizens.
Quote
There are around five million digital currency users in India.
This statement itself shows how the banks and the Government itself is creating mockery of what the kids are taught in school itself :
Government is to the people , for the people , by the people
What the students should be taught is: Government is embodiment of the shadows of the rich and the wealthy people in the society and chooses to follow them , enabling the Centralization and the corruption to grow when the common man suffers and is restricted from their personal choices in the matters that the government thinks can harm the country or could reduce their power.
Bitcoins is here to stay , I do believe that hopefully the Government will realize this and work towards building a crypto friendly economy.
I choose to share this article because I do believe the Indian people who are using their bank accounts connected with the wallets should be careful regarding which bank they are dealing with and try and clear this out with your banks before they ban your account and you have to run time and again in the office to get your remaining money which is now locked and needs like 100 signatures to be safely transferred to you .
Plus please make sure to see if you bank does allow crypto trading because often we tick every new column that pops up in the online banking every once in a while but fail to see what they might have in board for us.
Plus you can try and use DBS , the online bank account which I am using since 4 years for trading and didn't face any problems till now .
_*_
Another country choosing to stay back.. while Bitcoins by integrating themselves with the economy of the countries accepting the new norm is taking them years ahead . Genuinely.
[It's a technology of the future and I do believe we need young people who are Motivated towards the IT sector to help and run the Government instead of people who are too old to change.]
Is there any future of Bitcoins in India ?
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