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IPFS News Link • India

India: Crypto-users have found a hack to keep their bank accounts from getting shut

• https://ambcrypto.com

The Indian banks are shutting accounts found to be involved in crypto trading and there has been an increase in such cases. However, the crypto users in the country have found a way to avoid the shut down of their account and still trade in crypto, reported Bitcoin News.

As per the banks, they are simply complying with the Reserve Bank of India, the central bank of the country's guidelines. Under these guidelines, the banks are prohibited to serve any customer indulging in transactions in cryptocurrency. The publication was informed from a source from Instashift that the banks have been freezing accounts of the customers when they find words like "bitcoin" in the transaction remarks. He cleared that if the customer's bank account "comes under scrutiny and the bank officers read the crypto keywords in remarks" then the banks will take an action of shutting the account.

The Indian banks are shutting accounts found to be involved in crypto trading and there has been an increase in such cases. However, the crypto users in the country have found a way to avoid the shut down of their account and still trade in crypto, reported Bitcoin News.

As per the banks, they are simply complying with the Reserve Bank of India, the central bank of the country's guidelines. Under these guidelines, the banks are prohibited to serve any customer indulging in transactions in cryptocurrency. The publication was informed from a source from Instashift that the banks have been freezing accounts of the customers when they find words like "bitcoin" in the transaction remarks. He cleared that if the customer's bank account "comes under scrutiny and the bank officers read the crypto keywords in remarks" then the banks will take an action of shutting the account.

The Chief Executive Officer [CEO] of crypto exchange in India Wazirx, Nischal Shetty told the publication:


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