Several banks, including State Bank of India, HDFC Bank, Axis Bank, Yes Bank and ICICI Bank in India froze accounts of crypto money exchanges.
According to CCN's report from The Economic Times in India, Bitcoin stock exchanges in India may face disruptions due to the country's leading financial institutions.
Since December 2017, several banks, including State Bank of India, HDFC Bank, Axis Bank, Yes Bank and ICICI Bank have froze accounts of selected crypto money exchanges.
Suspension of bank accounts seems to stem from the insecurity of the banking sector especially for such businesses and the fact that most of the stock market is operating with a large amount of debt money. Other Indian banks that have not yet received bank accounts of crypto money exchanges have limited the amount of money to be withdrawn within a single day.
The stock exchanges affected by this decision of the banks were Zebpay, Unocoin, Coinsecure and BtcxIndia.
A bank representative who spoke to the Economic Times said that the directive of the Indian central bank did not make such a decision, and that the decision was the bank's own decision.
Tax departments have also been examined
In India, on the other hand, it is not just the banking sector that has examined the stock exchange. The tax offices of the country began to pay close attention. In December of 2017, the Indian Revenue Tax department oversees a number of cryptographic stock exchanges across the country. A few days ago, tax declarations were sent to those who traded Bitcoin and crypto currencies at high sums.