April 18, 2024

Indian banks blocking support for Cryptocurrency transactions: Details



Indian banks blocking support for Cryptocurrency transactions: Details. In India, it is never smooth sailing for anyone. At the time when the world is dealing with a Pandemic, the Financial world is collapsing. A recent development is taking place. In early 2020, the Indian Supreme court reversed an order in which RBI restricted banks to deal with Cryptocurrency transactions. Indian banks and other known saving instruments are at an all-time low. Cryptocurrency picked up pace as the return on investment if done carefully gains a lot of good returns.

Cryptocurrency Uncertainty

Indian Govt has been continuously giving hits about a bill to be discussed in Parliament session considering a ban on Cryptocurrency transactions. The bill never saw a light and may take some time to be discussed and passed. Considering the reversal of RBI rule by Supreme courts, Top Cryptocurrency Exchange in India like WazirX and CoinSwitch Kuber to name a few started a full-fledged working.

A recent tweet by WazirX founder and CEO Nischal Shetty who has been at the forefront of all Cryptocurrency revolution, created a kind of panic. The banks include ICICI bank, HDFC Bank, YES bank to name a few. The banks can’t do anything and can’t be blamed, but RBI and Govt should have a proper policy for everyone.

It is not just WazirX but anyone dealing with Cryptocurrency in India is facing such issues. A recent report article from Economic times shares in detail quotes and happenings on this matter. 

Road Ahead:

I have always been a Technology enthusiast and an active participant in the Crypto and Blockchain world. The article isn’t to create FUD (Fear uncertainty or Doubts) rather educate users. Indian stance on Cryptocurrency has been getting a little better as Million and Billions of Money coming in form of Bitcoin and Ethereum for COVID relief.

Anurag Thakur and Nirmala Sitharaman, Ministers of State for Finance and Corporate Affairs of India had also stated “Will ensure interests of crypto investors are protected”.

Economic Blocked Chain
Economic Blocked Chain

NPCI (The National Payments Corporation of India) had also denied a crypto ban and asked the bank to decide on their own. The road ahead will be better, invest in the Assets with caution and learn the exciting blockchain technology. Stay away from any Pump and Dump schemes.

I don’t want the situation how we had in 2017-2018 but. only time will tell how it turns out. Are you a investor who is worried because of this?

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