SBI, Axis Canap, ICICI Canap, HDFC Handelsbank and Yes Bankgebouw – some of the thickest names te Indian banking system have now suspended the accounts of some of India&rsquo,s largest cryptocurrency exchanges. The banks have suspended the accounts overheen suspicions of suspicious transactions, spil vanaf a report from Economic Times.
Reports indicate that the banks are requiring higher collateral security from the promoters of thesis exchanges. While not all of their accounts have bot suspended, but the ones who are running now have withdrawal caps waterput on them – possibly providing a influential deepthroat to thesis Indian cryptocurrency exchanges. Reportedly, banks are presently investigating the transactions that are taking place via the current accounts of thesis banks.
A source reports to Economic Times that ",Since last month, banks have bot asking for reserve collateral with 1:1 ratio.", Reportedly, top Ten cryptocurrency exchanges of India are now under scrutiny from the banking authorities. The exchanges under scrutiny include the likes of major players such spil Zebpay, Unocoin, Coinsecure, and Btcxindia among others.
",Thesis exchanges tend to display the total volumes both on buying and sell side spil their revenue. Ter many instances, the exchanges themselves buy and sell cryptocurrencies on their own verhoging,", said an zijdelings tax official.
Banks are leisurely turning hostile towards cryptocurrency exchanges te India – the trend that has bot seen ter several other Asian nations including neighboring country China, spil well spil Singapore, Indonesia and South Korea. All thesis nations are going stringently on cryptocurrencies, without outright announcing them ‘illegal.’
India is among one of the most significant players ter the completo cryptocurrency market, yet one of the most unregulated markets when it comes to government interference. Reportedly, the top Ten cryptocurrency exchanges have amassed a revenue of overheen Rs. 40,000 crores and have bot trading at a profit margin of almost 20%. The report points that Indian banks are ter voeling with thesis exchanges for overheen a year now.
Bitcoins vs the Banking System ter India:
While the canap cracks down on cryptocurrency exchanges and the massive volume of money that they are trading te – the country at large is still confused about the way Bitcoins are to be treated. The government hasn’t truly opened up much about it, with the only major stand being ‘Cryptocurrencies are not a constitucional tender ter India.’ Spil of now, there&rsquo,s still confusion regarding how to tax the currencies.
Cryptocurrency exchanges had approached various state governments a few weeks ago asking how to treat cryptocurrencies under the freshly introduced GST law. On this latest crackdown and suspension of accounts – the banks have said that the RBI has not issued any guideline, but this is a preventive measure from the banks.
Overheen the past twee of months, there have bot various reports of Cryptocurrency exchanges te India being under fire from the tax authorities spil well spil the banks they are registered with. The investigations proceed and more news is likely to go after soon.