Cryptocurrency exchanges of India are under pressure from banks

Despite the fact that Indian regulators still have not expressed an official position to the cryptocurrency, many banks countries already exert strong pressure on the cryptocurrency sphere.

For example, the Bank can restrict for a few days access to the accounts that are used cryptocurrency exchanges, transactions associated with the exchange of cryptocurrencies can be revoked, and in some cases the account may be completely blocked. Moreover, banks refuse to give a written explanation of their actions. This uncertain approach financial institutions worsened the trading activity in the country.

For example, at the end of 2017, the daily trading volume on the Indian stock exchange Coinsecure was 300-400 BTC. Today the daily volume does not exceed 30-40 BTC.

In addition, by analogy with the USA, banks can lock credit, debit and prepaid cards, if they were used to purchase cryptocurrency.

Representatives of the cryptocurrency community are outraged by such «excessive force» on the part of banks, which operate without any formal guidance from the regulatory authorities:

«Without any clear mandate from RBI or from other controllers, please close our account (cryptocurrency exchange). While refusing to state the reasons in writing. This approach is simply devastating for our business.»

Some exchanges such as BTCXIndia and ETHEX India decided to stop its operations until, until the situation becomes clearer. The representative of the Ministry of Finance of India Shaktikanta Das (Shaktikanta Das), does not consider any regulation of cryptocurrencies, instead he takes the position of a total ban of trade by the example of China.

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