Largest mobile Commerce platform in India Paytm has frozen the Bank accounts of customers who were suspected of cryptocurrency trading, although cryptocurrencies, including bitcoin not banned in India.
In the country there is still no legal framework for cryptocurrencies, but the government says the cryptocurrency is “waiting for approval”. It is reported BitcoinNews.
Paytm Payments Bank, which bills itself as “the largest digital Bank of India with more than 58 million account holders,” he blocked the accounts of customers suspected of trading cryptocurrencies.
The Paytm is a mobile Commerce platform in India with about 450 million registered users. The brand is owned by One97 Communications Ltd., founded by the Vijay Shekhar Sharma (Vijay Shekhar Sharma). Indian edition Coin Crunch on Monday said that according to users, Paytm freeze Bank accounts suspected to trade cryptocurrencies.
Paytm offers INR wallet and banking services INR. “Thus, P2P or spot users can use to get money or to send the Fiat on Deposit in the exchanges. And these Bank accounts are frozen.”
Paytm not the only Bank that complaining users. Last month, Axis Bank, the third largest Indian Bank called customers, asking whether they had used the accounts for trading cryptocurrencies. The Bank also warned that it will block the accounts used for this purpose. Some customers said that their also asked to sign a Declaration form confirming that they “do not make any transactions with the transactions made with the virtual currency” through their Bank account.
Cryptocurrency in India is not prohibited. Writes Crunch Coin, cryptocurrency trading is not illegal. However, banks may act in their own interests, so users are advised to be careful.
Although there has been no decision concerning the method of treatment of cryptocurrency in India, the Indian cryptologist believes that the government will reconsider the bill, given the changes that have occurred in the area since submission of the project, which stipulates a total ban of cryptocurrencies.
Heads of stock exchanges believe that a complete ban on cryptocurrencies unlikely. The government commented that the law on cryptocurrency “waiting for approval”.
The portal CoiNews informed: three months after the Supreme court decision on the abolition of banking service ban on cryptocurrency, the Ministry of Finance of India has again proposed a ban on the cryptocurrency already at the legislative level.
On the website CoiNews we reported that for the first time in the history of India the official, former Finance Minister of India, who proposed a General ban on cryptocurrencies, discussed digital assets with industry leaders.
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