Bank accounts of India’s largest Bitcoin exchanges frozen

According to the news CCN reported from The Economic Times, broadcasting in India, Bitcoin exchanges in India may face disruptions due to the country’s leading financial institutions.

Since December 2017 Many banks such as State Bank of India, HDFC Bank, Axis Bank, Yes Bank and ICICI Bank froze the accounts of selected cryptocurrency exchanges. appears to be due to the stock market operating largely on borrowed money. Other Indian banks, which have not yet suspended the bank accounts of cryptocurrency exchanges, have limited the amount of money to be withdrawn in a single day.

The exchanges affected by this decision of the banks were Zebpay, Unocoin, Coinsecure and BtcxIndia.

A bank representative speaking to the Economic Times said that they did not take such a decision under the directive of the central bank of India, and that the decision was the bank’s own decision.

Tax authorities also examined it

On the other hand, in India It’s not just the banking industry that puts stock markets under scrutiny.. The country’s tax authorities have also started to pay close attention to the issue.. In December 2017, the Indian Income Tax department audited a number of cryptocurrency exchanges across the country.. A few days ago, tax notifications were sent to those who traded Bitcoin and cryptocurrencies in large sums.