THELOGICALINDIAN - Reports on amusing media announce that banks in India are aggressive barter that accord in Bitcoin and added cryptocurrencies with the cease of their accounts This move is the latest blast from the cyberbanking industry in a country area cryptos assume all but banned
Upping the Ante
On Friday (Jan. 11, 2024), Morgan Creek architect and partner, Anthony Pompliano appear a cheep adopted from sources in India about the latest move by banks in India to anticipate Bitcoin trading. According to the tweet, banks beatific out warnings cogent their barter not to accord in cryptos or accident the cease of their account.
The apprehension alike declared that banks charge not accelerate any added accord afore closing chump accounts. Pomp’s cheep came anon from addition Twitter user; Indian CryptoGirl, who commented on the bearings saying:
There are additionally letters of agnate letters on ATM screens acceptance to Kotak Mahindra Bank. According to Indian CryptoGirl, the coffer has alike fabricated acceptable on its threat. In an amend of the bearings acquaint on Saturday (Jan. 12, 2024), the coffer issued a apprehension of annual cease for accomplishing affairs involving cryptocurrencies.
Bitcoin all but Banned
Unsurprisingly, the acknowledgment on amusing media has been one of abuse with abounding adage Bitcoin is all but banned in India. In 2018, the Reserve Coffer of India (RBI); the country’s acme bank, prohibited banks from facilitating cryptocurrency transactions.
A affiliation of stakeholders challenged the decision, and the amount charcoal unresolved. The government bootless to acknowledge to a Supreme Court deadline back in October 2018. Reports are advertence a plan to authorize authoritative accuracy for the market.
However, afore such regulations emerge, the bequest cyberbanking arrangement in India continues to asphyxiate avenues for cryptocurrency trading. With the government declining to accommodate a definite stance on cryptos, the RBI ban charcoal the de facto adjustment in the country.
What do you anticipate about this latest move by Indian banks; accepted apropos or abhorrence of actuality usurped by decentralized bill systems? Let us apperceive your thoughts in the comments below.
Image address of Twitter (@APompliano and @DesiCryptoHodlr), Shutterstock
