Bitcoin Exchange Accounts being Closed in India

Bitcoin currency accounts in India are in the firing line. Major banks’ Bitcoin currency accounts have been frozen or the functionality of most of them has been severely restricted. Reserve Bank of India (SBI), Axis Bank, HDFC Bank, ICICI Bank and Yes Bank have taken a big step against the cryptocurrency exchange by closing accounts or restricting their functionality. According to local reports, these banks run the risk of being suspicious.

Recently, Lawyer Bivas Chatterjee is seeking urgent regulation of Bitcoin and other cryptocurrencies. He had filed an application in Calcutta asking for a civil lawsuit. In addition, late last year, the Ministry of Finance proposed a ponzi scheme to Bitcoin.

Bitcoin began to tense around the world. In particular, US Treasury Secretary Steven Mnuchin confirmed this when he stated that the G20 countries will start working together to ensure that Bitcoin and other cryptocurrencies are properly regulated.

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