The consistent regulatory pressures from certain banks in India have been affecting the cryptocurrency scenario in the country for long now. Which is evident by the representatives’ claims that the bitcoin trade market has fallen by 90% since the last couple of months.
The cryptocurrencies not getting a legalized in country has always been a limitation to the user in the cryptocurrency world. Moreover, leading Indian banks have taken steps to limit exchange operations even before any rules mandating such policies are adopted.
Authorities in Delhi, the capital of India have been battling hard by issuing multiple warnings against the use of cryptocurrencies.
This being said, there have not been any official bans or regulations to circumvent the same path of action which will stop the Indian citizens into investing in the crypto market, like Bitcoin. Some officials have realized it is not as easy to put a complete stop to these practices officially.
While the government of India hasn’t taken an stance yet, many Indian banks have taken matters into their own hands. Unwarranted, the Reserve Bank of India (RBI), commercial banks have been crushing the crypto trading while country’s biggest financial institutions, like Citibank, ICICI Bank, HDFC Bank, Kotak Mahindra Bank, and the SBI, have already suspended trading accounts of bitcoin exchanges. They are noe taking stringent measures to cease crypto-related transactions conducted by ordinary citizens.
Mohit Kalra,chief executive of Coinsecure, said in a statement,
“Our volumes are down from around 300-400 bitcoins daily in December to about 30-40 bitcoins a day now”.
The moves taken by some of the above mentioned Indian banks align with the actions of some of the world’s biggest banks, like JP Morgan Chase, Bank of America and Citigroup. These banks have banned crypto purchases with their credit cards, owing to the dropping crypto values as part of their justification. Representatives of the Indian crypto industry have accused local banks of “irresponsible overreach”, “unilateral decisions”, and “disruptive stance”.
With so many intermediary authorities mandating their decisions to stop the use of cryptocurrencies without the intervention of the government, the cryptocurrency looks like it will face a bumpy road ahead in India for some time.
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