Banks in Indian are clamping down hard on crypto-related transactions.
Many traders have expressed their disappointment at the development which has made it incredibly difficult to receive fiat.
Reports say that banks are making inquiries about transactions involving cryptocurrencies and sending out account closure threats to traders.
Founder of Indian’s crypto exchange, WazirX narrates their ordeal to CoinDesk.
“We do have trouble with banks not allowing crypto exchanges with access to banking APIs for receiving customer deposits,” Shetty lamented while speaking to CoinDesk.
“There’s been no official statement from RBI yet. But I think it’s mostly the banks themselves who are deciding not to provide access to crypto startups in India,” “We are talking to multiple banks now. I’m sure a few forward-looking banks will offer their services.” Shetty added.
Trading crypto is not illegal in India but there is just about enough evidence to suggest that the sector is under attack from the authorities and financial regulators.
The cryptocurrency community in India is slowly gaining grounds – it is expected to soar even more in the coming months.
I think India and its financial regulators, like in most other countries, will have to embrace crypto. It might take a while but i have no doubt it will happen.