Tag Archives: India cryptocurrency ban

India: Banks Threaten to Close Customer Accounts if They Use Cryptocurrencies

A group of banks in India has begun to issue warnings to customers threatening to close their accounts in the event that they are found to have performed acts involving the use of cryptocurrencies. According to a tweet published by Indian CryptoGirl, the banks that have issued the warnings indicate that they have done so in order to… Read More »

Banks in India: Don’t Touch Bitcoin Or Your Accounts Will Be Closed

Reports on social media indicate that banks in India are threatening customers that deal in Bitcoin and other cryptocurrencies with the closure of their accounts. This move is the latest salvo from the banking industry in a country where cryptos seem all but banned. Upping the Ante On Friday (Jan. 11, 2019), Morgan Creek founder and partner, Anthony… Read More »

Bitcoin Worth $1.8 Million Confiscated From Suspected Fraudster

The local authorities in Pune, India, recently confiscated 452 Bitcoins worth $1.8 million from suspect involved in notorious cryptocurrency Ponzi scheme. India’s Biggest Bitcoin Ponzi Scheme According to The Times of India, authorities of the cybercrime department in the city of Pune, India, recently recovered 452 Bitcoins (BTC) worth $1.8 million from one of the suspects involved in a notorious cryptocurrency Ponzi scheme. The… Read More »

Bitcoin Ban is Impossible in India, says Experts

Experts are saying the Indian Government’s perceived plan to ban Bitcoin and all other cryptocurrencies is an impossibility. Analysts are saying that by the very nature of digital currencies, implementing a blanket ban will be difficult. Blanket Bitcoin Ban in India Cannot Happen According to Quartz India, following reports of a possible ban on private use of cryptocurrencies,… Read More »

Cryptocurrency Faces Blanket Ban in India

India appears set to completely ban cryptocurrency operations within its borders, judging from the latest reports issued by government officials. Cryptocurrency Ban is Imminent On Tuesday (October 30), during a meeting of the Financial Stability and Development Council (FSDC), one of the agendas included digital currency. As reported by Quartz India, Arun Jaitley, India’s finance minister, chaired the… Read More »

Indian Trade Association ‘NASSCOM’ Clarifies Its Position on Cryptocurrency

NASSCOM released a statement on Thursday clarifying its stance on cryptocurrency. Recent media reports have quoted the trade association as calling cryptocurrency “illegal.” In response to these reports, NASSCOM has come out to say that it only re-stated the RBI’s stance on cryptocurrency. NASSCOM Statement on Cryptocurrency Through a tweet on its official Twitter page, NASSCOM addressed recent… Read More »

Bitcoin ATM Saga: Indian Police Arrest Second Unocoin Co-founder

The law enforcement agents in Bengaluru, recently arrested the CEO and co-founder of Indian cryptocurrency trading company, Unocoin, leading to the death of Bitcoin ATM in Bengaluru. This comes on the heels of the arrest of Unocoin’s first co-founder earlier in the week. Details of the Arrest The situation seems to have worsened for India’s oldest virtual currency… Read More »

UnoCoin Founder Arrested For Operating India’s First Bitcoin ATM

Police in Bengaluru, India recently arrested UnoCoin cofounder Harish BV for “illegally” operating a Bitcoin ATM in the city barely a week after it was installed.  ‘Not Taken Any Permission from the State Gov’t’ According to The News Minutes, Bengaluru’s Cyber Crime Police unit brought forward a case against Unocoin for illegally installing a BTC ATM without any permission.… Read More »

ZebPay Leaves India for Malta After Regulations Crippled Its Business

Zebpay, once India’s biggest Bitcoin payment processor, has announced its move to Malta after its business was ‘crippled’ due to unfavorable laws and regulations. Lack of Banking Support ‘Crippled’ Our Business According to Quartz India, the Singapore-based Zebpay has set up operations in Malta. The platform was once one of the most prominent in India, processing half of… Read More »

India: Clear-Cut Cryptocurrency Law Still Months Away, Says Gov’t Panel

Don’t expect any final cryptocurrency regulations in India at least until the end of the year, according to members of the government panel set up to examine the emerging virtual currency ecosystem in the country. The Conundrum That is Cryptocurrency India isn’t the first country that has struggled with adequately defining what cryptocurrencies are, in terms of being… Read More »