Currently it's a bank ban means if the bank gets to know you are selling/buying cryptocurrency, they'll freeze your account and many users have got notices also from banks like HDFC/SBI: https://prnt.sc/p4x3en
Also, the video just mentions about a user who got scammed due to hackers creating accounts with fake IDs (fake aadhar) and then exchanging crypto with fiat (Paytm etc.).
Topic: What is the actual state of crypto currency in India? - page 2. (Read 283 times)
I read that RBI claims that bitcoin were used for money laundering in India that is why they want to ban but still Supreme court has go to say its decision about.But banks are responsible for hacked accounts and most importantly the original owners since they are in control of their accounts right?
You can check this thread for more clarity -> https://bitcointalksearch.org/topic/a-new-risk-has-surfaced-in-p2p-trading-beware-and-stay-safe-5155099. I don't understand Hindi, so I don't know what exactly is told in the video.
So what I personally think is that Banks can freeze your accounts, if they think that you are dealing with cryptocurrencies as RBI has implemented a ban. This could be caused by mistakenly adding a crypto-related remark while making the transaction like "For BTC" "Buying 1 ETH" etc. But I don't think that FIR complaints could be launched based on such activity. However, the Govt freezes/monitor bank accounts which they think are financing terrorism and money laundering of illicit funds, so if you get funds from any of such marked accounts, you might face an account freeze and FIR complaint lodged against you.
But if we are trading on LBC we must have to collect the ID before release the BTC which can be save us if there is complaint on us.
I read that RBI claims that bitcoin were used for money laundering in India that is why they want to ban but still Supreme court has go to say its decision about.But banks are responsible for hacked accounts and most importantly the original owners since they are in control of their accounts right?
You can check this thread for more clarity -> https://bitcointalksearch.org/topic/a-new-risk-has-surfaced-in-p2p-trading-beware-and-stay-safe-5155099. I don't understand Hindi, so I don't know what exactly is told in the video.
So what I personally think is that Banks can freeze your accounts, if they think that you are dealing with cryptocurrencies as RBI has implemented a ban. This could be caused by mistakenly adding a crypto-related remark while making the transaction like "For BTC" "Buying 1 ETH" etc. But I don't think that FIR complaints could be launched based on such activity. However, the Govt freezes/monitor bank accounts which they think are financing terrorism and money laundering of illicit funds, so if you get funds from any of such marked accounts, you might face an account freeze and FIR complaint lodged against you.
As far as I know its neither banned not illegal to use as well but RBI banned it so what will be the result if someone uses banks to trade the crypto currencies on p2p sites like localbitcoin.
Almost all purchase and selling of cryptocurrencies involving INR is done by p2p trading. So, apart from the recent risk related to FIRs being filed & freezing of bank accounts of the traders as money were sent from hacked bank accounts, there is not much of a problem.
As far as I know its neither banned not illegal to use as well but RBI banned it so what will be the result if someone uses banks to trade the crypto currencies on p2p sites like localbitcoin.
Almost all purchase and selling of cryptocurrencies involving INR is done by p2p trading. So, apart from the recent risk related to FIRs being filed & freezing of bank accounts of the traders as money were sent from hacked bank accounts, there is not much of a problem.
As far as I know its neither banned not illegal to use as well but RBI banned it so what will be the result if someone uses banks to trade the crypto currencies on p2p sites like localbitcoin.
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