India joins the growing list of countries that have decided to attempt to ban some form of cryptocurrency service. The nation-state has decided that bitcoin exchanges have to go, with many of their major banks now severing ties with accounts that are connected to bitcoin exchanges.
|Indian Banks Suspending Bitcoin Exchange Accounts|
Bitcoin exchanges are under fire in India, as many of the nation’s top banks have suspended or greatly curtailed functionality on exchange accounts. State Bank of India (SBI), Axis Bank, HDFC Bank, ICICI Bank and Yes Bank have all taken strong action toward crypto exchanges, either closing accounts or severely limiting functionality. The banks cite the risk of dubious transactions, according to local reports.
The news follows the request of advocate Bivas Chatterjee who recently filed a public interest litigation (PIL) in Calcutta to impose immediate regulations on Bitcoin and other cryptocurrencies. Additionally, the Ministry of Finance referred to Bitcoin as a ponzi scheme before the end of last year.
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