Crypto News Flash #74 : Indian Banks Have Suspended Cryptocurrency Exchanges Accounts | Is It Another FUD To Keep Prices Lower ?
Cryptocurrency market has been targeted many times by governments and central authorities across different nations. Some countries have completely banned Cryptocurrency trading because of its decentralized nature while some countries are adopting it wholeheartedly.
China, Bangladesh, Singapore are some countries where cryptocurrencies are banned while some countries like India, South Korea and Russia are kinda neutral regarding the legal status of cryptocurrencies. These countries are however trying to regulate them. And while they formulate their policies regarding the cryptocurrencies, it affect crypto market severely.
As we all are aware of the fact that cryptocurrencies reacts quickly to any positive/negative news, that's why its highly volatile. And this time also a negative news is affecting the market severely. The news is :
Indian Banks have suspended the accounts of Indian Cryptocurrency Exchanges and due to this people are not able to convert their cryptocurrencies into fiat and vice versa.
HDFC Bank, AXIS Bank, SBI Bank, YES Bank are some banks that have suspended Indian crypto exchanges accounts or highly limiting their functionality. Bank cited the reason of dubious transactions for this account suspension. This news followed the request of Advocate Bivas Chatterjee who filed a public petition to ban/regulate cryptocurrencies immediately.
Even before this account suspension news, Indian Finance Ministry have already targeted Bitcoin many times by calling it a 'Ponzi' scheme and warned Indian investors not to invest anything in cryptocurrencies.
This kind of news have been shared numerous times across different countries and still Bitcoin rose to almost $20000 not long ago. Market is being manipulated by big investors and using this type of news to create a FUD is a way to keep cryptocurrency prices lower.
Let's hope all will be resolved soon and we could see flourishing growth of cryptocurrency market again.
Thanks for reading ....!
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Important news, thank you for the post! These days Btc is really scaring me, hope we dont lose our money
I can't imagine enough countries will ban exchanges enough to stall crypto too much long term, but short term we definitely feel it, esp when it happens in larger markets like India and South Korea....