Crypto Exchanges
By Steven Anderson
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Cryptocurrency exchanges have been having difficulty in receiving fiat from their customers through bank transfers.
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Indian banks are halting transfers to cryptocurrency-related accounts. Users are also receiving warnings that their bank accounts, which are related to cryptocurrency…
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There’s been no official statement from RBI yet. It looks like banks themselves are refusing access to crypto transactions in accounts.
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Banks might likely follow the anti-crypto order.
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To kick start with cryptocurrencies, it is important to have banking support. Will the cryptocurrency industry survive if the banks stop services to those who are dealing with…
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The Supreme Court in the past stated that banks have the right to do business with crypto firms.
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This is happening at a time when there is a high demand for cryptocurrency investing in the country, and the exchanges have been seeing a dramatic increase in volumes.
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Several Indian account holders who have their accounts with exchanges like WazirX are experiencing this trouble. Paytm Payments Bank has stopped providing banking support.
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Industry executives are hoping to find a solution for this very soon.
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Some banks are receiving inquiries calling for the details of websites and channels through which users are investing in cryptocurrencies.
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Some of the banks have informally told exchanges in advance that they can't work with them as they fear RBI's wrath.
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It just looks like the volatility of the cryptocurrency markets has attracted the attention of central bankers.
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Also, Reuters earlier in the month reported that the Regulators have been informally telling financial institutions (FIs) that they should cut their relationships with…
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This signals that the country is probably crafting a law against cryptocurrencies.
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Time again, China’s central bank stated that digital currencies are not real and should not be used within financial services or markets.
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